November inflation drops to 9.3%; lowest in 5 years

Business News of Thursday, 13 December 2018

Source: citinewsroom.com

2018-12-13

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The inflation rate for November 2018 has dropped to 9.3% percent, down by 0.2% percent from the 9.5% percent recorded in October 2018.

According to the Ghana Statistical Service (GSS), the figure now is the lowest rate recorded in the past five years since 2013.

Inflation measures the rate of change in prices of goods and services over a period of time.

Speaking to the media after his presentation, Acting Government Statistician, Baah Wadieh attributed the drop in the inflation rate for November, to the general drop in the inflation rate for both the non-food inflation and food inflation groups.

“The monthly change rate in November 2018 was 0.7 percent and is the same as the rate recorded in October 2018. The year on year non-food inflation rate for November 2018 was 9.7 percent as compared to a rate of 9.8 percent recorded in October 2018. And the year on year food inflation rate for November 2018 was 8.6 percent as compared to a rate of 8.9 percent recorded in October 2018.”

The main price drivers for the non-food inflation rate were Transport (13.7%), Recreation and Culture (13.3%), Clothing and Footwear (12.6%), Furnishing, Household Equipment and Routine Maintenance (11.4%) and miscellaneous goods and services (10.3%).

The price drivers however for the food inflation rate were Coffee, tea and cocoa (12.8%), Fruits (11%), Meat and meat products (10.2%), Mineral water, soft drinks, fruit and vegetable juices (9.4%), Food and food products n.e.c (9.4%), and Vegetables (9.1%).

Regional breakdown

At the regional level, the year-on-year inflation rate ranged from 7.6 per cent in the Upper East region to 11.5 per cent in the Upper West region.

Five regions (Upper West, Brong Ahafo, Western, Ashanti and Northern) recorded inflation rates above the national average rate of 9.3 percent.

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