Posted: Thursday 14th August 2014 at 9:42 am

Inflation rate hits 4-yr high of 15.3 pct in July

Inflation pix 2

Inflation pix 2



Accra, Aug 13, GNA – The annual inflation rate rose to a four-year high of 15.3 per cent in July up from 15.0 per cent in June on the back of increases in the price of utilities and fuel, Government Statistician Dr Philomena Nyarko said on Wednesday.

The monthly change rate in July 2014 was 1.6 per cent the same as in June.

Dr Nyarko said aside the utilities and fuel price increases; the depreciation of the cedi against the dollar is another factor for the rise.

She said that food inflation fell to 5 per cent in July, down from 7.9 percent in June while the year-on-year non-food inflation rate for July 2014 was 23.1 per cent compared to the 20.3 per cent recorded for June 2014.

‘The year-on-year non-food inflation rate is more than four and half times higher than the food inflation rate,’ Dr Nyarko said.

She said the main drivers for the non-food inflation rate were housing, water, electricity, gas and other fuels which went up by 62.0 per cent and transport, which was also up by 38.3 per cent.

The price drivers for the food inflation rate were mineral water, soft drinks, fruits and vegetable juices, among others.

The Northern Region recorded the highest regional year-on-year inflation rate of 21.1 per cent while the Volta Region recorded the lowest of 11.2 per cent.

The inflation rate for Greater Accra Region was the same as the national average of 15.3 per cent.

GNA

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