Inflation hits double digit in June 2018
| Updated Jul 11, 2018 at 3:35pm
Acting Government Statistician of Ghana Statistical Service (GSS), Baah Wadieh at the news Conference in Accra
The inflation rate for June 2018 went up to 10.0%, 0.2 % point increment from the 9.8% recorded in May, 2018.
The monthly change rate in June, 2018 was 1.0%, same as the rate recorded in May, 2018.
The year-on-year non-food inflation rate for June, 2018 was 11.2% compared with the rate of 10.9% recorded in May, 2018.
The Acting Government Statistician of Ghana Statistical Service (GSS), Baah Wadieh at the news Conference in Accra said “The year-on-year food inflation rate for June 2018 was 7.3% compared with 7.6% recorded in May, 2018. The year-on-year non-food inflation rate (11.2%) is one and half times that of the food inflation rate (7.3%)”.
According to him, in June 2018 the year-on-year inflation rate for imported items (11.8%) was 2.6% points higher than that of locally produced items (9.2%).
The main “price drivers” for the non-food inflation rate were Clothing and Footwear (16.1%), Transport (15.5%), Recreation and Culture (13.85%), Furnishing, Household Equipment and Routine Maintenance (13.3%) and miscellaneous Goods and Services (12.7%).
Mr. Wadieh stated that, “The main “price drivers” for the food inflation rate were Coffee, Tea and Cocoa (10.3%), Fruits (9.6%), Meant and Meat Products (8.7%), Mineral Water, Soft drinks, Fruit and Vegetable Juices (8.4%), Vegetables (8.3%)Food Products.”
At Regional level, four Regions (Upper West, Brong Ahafo, Western and Ashanti) recorded inflation rates higher than the National average of 10.0% and Northern Region recorded the same inflation rate as the National average of 10.0%.
Upper West Region recorded the highest year-on-year inflation rate of 11.9%, followed by Brong Ahafo (10.9%) while The Upper East Region recorded the lowest year-on-year inflation (8.1%) in June, 2018.
The Consumer Price Index (CPI) measures the changes over time in the general price level of goods and services that households acquired for the purpose of consumption, with reference to the price level in 2012, the base year, which has an index of 100.
Story by Edzorna Francis Mensah