July inflation rises to 11.8%

Dr Philomena NyarkoDr Philomena NyarkoInflation for the month of July inched up to 11.8 per cent, from the 11.6 per cent recorded for June, 2013, the Ghana Statistical Service (GSS) has announced.

The monthly change rate for July, 2013, was 1.3 per cent, compared to 1.5 per cent recorded in June, 2013.

Inflation, which is measured by the Consumer Price Index (CPI), measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption.

The Government Statistician, Dr Philomena Nyarko, addressing the media said food inflation recorded a rate of 7.3 per cent, same as June, 2013, while the non food basket recorded 15.4 per cent in July, 2013, compared to a rate of 15.1 per cent in June 2013.

Although the inflation rate for July, was expected to dip due to the harvest season, Dr Nyarko explained that the effect of the rising exchange rate helped push the rate higher.

The main drivers of the non-food inflation were clothing and footwear (18.1%), miscellaneous goods and services (17.7%), furnishing, household equipment and routine maintenance (17.0%), and housing, water, electricity, gas and other utilities recorded inflation of 16.6 per cent while the communications sub-group had the lowest rate of 1.3 per cent.

At the regional level, the Western Region recorded the highest year-on-year inflation rate of 15.0 per cent, followed by the Ashanti Region with 14.1 per cent. Inflation was lowest in the Upper East Region with 4.6 per cent.

By Jessica Acheampong/Daily Graphic/Ghana