Inflation hits 17.2 percent in September

Inflation for September 2016 went up to 17.2 percent.

This represents a 0.3 percent increase compared to the 16.9 percent recorded in August this year.

The monthly change rate between August and September was 0.2 percent; down from the negative 0.6 percent recorded in August 2016.

Figures released by the Ghana Statistical Service (GSS) also indicated that inflation for the food and non-alcoholic beverages was 9 percent whilst inflation for the non-food group went up to 21.6 percent.

Government Statistician, Dr. Philomena Nyarko explained to Citi Business News the increased inflation on imports also contributed to the high figures.

“The increase was basically as a result of the base drift effect; the index in the September 2015 was lower compared to the index for September 2016. Also, inflation rate for imported items went up from 17.3 percent to 18.7 percent in September 2016,” she said.

The main price drivers for the food inflation category were mineral water, soft drinks, fruit and vegetable juices (16.2%); coffee, tea and cocoa (16%); meat and meat products (13.1%); food products (11.8%); Oils and facts (10.3%); milk, cheese and eggs (9.6%).

The inflation rate for the non-food inflation were largely influenced by education (32.5%), housing, water, electricity, gas and other fuels (28%); recreation and culture (27.6%).

Others were transport (27.3%), clothing and footwear (23.2%) and furnishings; household equipment and routine maintenance (23%).

Meanwhile the Greater Accra region recorded the highest year-on-year inflation rate of 20.8 percent while the Central region recorded the lowest inflation rate of 13.8 percent.

The consumer price index measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2012, the base year, which has an index of 100.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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