Inflation Drops To 15.4%

The year-on year inflation rate for December 2016 was 15.4 percent compared to 15.5 percent recorded in November 2016.

The monthly change rate in December 2016 was 0.9 percent while that for November 2016 was 0.8 percent.

Baah Wadieh, acting Government Statistician, who released the figures at a press conference in Accra yesterday, said the food inflation rate for December 2016 was 9.7 percent compared to 9.3 percent recorded in November 2016 while the non-food inflation rate for December 2016 was 18.2 percent compared to 18.7 percent recorded in November 2016.

The year-on-year non-food inflation rate for December 2016, which was 18.2 percent compared to 18.7 percent recorded in November 2016, was more than one and half times that of the food inflation rate (9.7 percent).

In December 2016, the year-on-year inflation rate for imported items (15.7 percent) was 0.5 percentage point higher than that of locally produced items (15.2 percent).

The main price drivers for the non-food inflation rate were Transport (27.2 percent), Education (23.4 percent), Recreation and culture (20.3 percent), Housing, water, electricity, gas and other fuels (20.2 percent), Furnishings, household equipment and routine maintenance (18.8 percent) and Health (18.5 percent).

The price drivers for the food inflation rate were meat and meat products (15.0 percent), Coffee, tea and cocoa (14.0 percent), Fish and sea food (13.9 percent), Mineral water, soft drinks, fruit and vegetable juices (12.2 percent), Sugar, jam, honey, chocolate and confectionery (12.0 percent).

Three regions (Greater Accra, Brong Ahafo and Ashanti) recorded inflation rates higher than the national average of 15.4 percent.

The Greater Accra Region recorded the highest year-on-year inflation rate of 18.2 percent, followed by the Ashanti and Brong Ahafo Regions with 15.5 percent while the Volta and Northern regions recorded the lowest (13.0 percent).

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By Cephas Larbi

 

 

 

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