Inflation for August increases 9.9 percent

Inflation for the month August has increased to 9.9 percent from the 9.6 percent recorded in July.

This represents 0. 3 percentage point increase.II

Inflation measures the rate of change in the general price level of goods and services over a period of time. There is more details in this report.

Speaking at press briefing, Acting Government Statistician Baah Wadieh explained that the increase was due to changes in the non food and food items.

“The food inflation rate for August 2018 was 7.9% compared with 7.4% recorded in July 2018. The non-food inflation rate for August 2018 was 10.8% compared with 10.7% recorded in July 2018,” he noted.

The “price drivers” for the food inflation rate were Coffee, tea and cocoa at 11.3%, Fruits at 10.6%, Meat and meat products at 10.0%, Mineral water, soft drinks, fruit and vegetable juices at 9.3% and Vegetables at 8.4%.

On nonfood inflation rate the year-on-year for August 2018 was 10.8% compared with the rate of 10.7% recorded in July 2018.

The main “price drivers” for the non-food inflation rate were Clothing and footwear at 15.2%, Transport at 15.1%, Recreation and Culture at 13.9%, Furnishing, Household Equipment and Routine Maintenance at 12.6% and Miscellaneous goods and services at 11.9%.

Mr. Wadieh stated that the inflation rate for imported items was 11.7% in August 2018 compared with 11.5% recorded in July 2018.

“The inflation rate for locally produced items was 9.1% in August 2018 (compared with 8.8% recorded in July 2018.

On the monthly change rate Mr. Wadieh announced that August 2018 was 0.0%, compared with the rate of 0.4% recorded in July 2018.

Meanwhile, on regional basis, five regions which are the Upper West, Brong Ahafo, Western, Ashanti and the Northern regions recorded inflation rates higher than the national average of 9.9 percent.

The Upper West region recorded the highest year on year inflation rate of 11.8 percent followed by the Brong Ahafo region with 10.8 percent while the Upper East region recorded the lowest year on year inflation rate of 8.2 percent in August.

Source: Citi Business News

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