Business News of Wednesday, 9 January 2019
December 2018 saw an increase in the inflation rate from the previous 9.3% recorded in November 2018 to 9.4%; the rate for December according to the Statistical Service amounts to a percentage change in the Consumer Price Index (CPI) over the 12-month period, from December 2017 to December 2018.
Acting Deputy Government Statistician, David Yenukwa Kombat at a press conference in Accra stated that the monthly change rate for December 2018 was 1.1% as compared to 0.7% in November 2018.
He noted that the food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.7%.
This, he said, is a percentage point higher than the rate recorded in November 2018.
“Four subgroups of the food and non-alcoholic beverages group recorded inflation rate higher than the group’s average rate of 8.7%,” Mr Yenukwa Kombat explained.
The non-food group, according to Mr Yenukwa Kombat, recorded a year-on-year inflation rate of 9.8% in December 2018, as compared to 9.7% for November 2018.
“Five subgroups recorded year-on-year inflation rates higher than the group’s average rate of 9.8%,” he said.
“Transport recorded the highest inflation rate of 13.6%, followed by Recreation and culture with 13.2%, while Clothing and footwear recorded 13.0%. Furnishings, household equipment and routine maintenance recorded 11.6% of inflation, miscellaneous goods and service recorded 10.0% of inflation,” Mr Yenukwa Kombat explained further.
Mr Yenukwa Kombat added Housing, Water, Electricity, Gas as well as other fuels subgroups recorded the lowest inflation of 3.4% in December 2018.
“In December 2018, the year-on-year inflation rate for imported items was 11.1% which is 2.4% points higher than that of locally produced items which were 8.7%,” Mr Yenukwa Kombat said.
“The price drivers for the food inflation rate were coffee, tea and cocoa which recorded inflation of 13.5%, fruits recorded 11.4%, while meat and meat products recorded 10.9%. Mineral water, soft drinks, fruit and vegetable juices recorded inflation of 9.2%,” Mr Yenukwa Kombat stressed.
Mr David Yenukwa Kombat said at the regional level, the year-on-year inflation rate ranged from 7.5% in the Upper East Region to 11.4% in the Upper West Region.
“Five Regions, thus, Upper West, Brong Ahafo, Western, Ashanti and Northern Regions recorded inflation above the national average rate of 9.4%.