Consumer inflation stabilises

Dr.Philomena Nyarko(left) Government Stastiscian briefing the media yesterday.Photo.Ebo GormanThe country for two consecutive months has recorded stability in consumer prices of goods and services, the Ghana Statistical Service (GSS), has announced.

The year-on-inflation as measured by the Consumer Price Index (CPI), according to the GSS, stood at 17.4 per cent in October, the same figure recorded in the previous month.

Briefing the media on the October 2015 CPI and Inflation in Accra yesterday, Government Statistician, Dr. Philomena Nyarko, attributed the stability in inflation to the relative stability in the cedi.

She also said the stability in food and non-food inflation accounted for the improvement in the rate of inflation recorded last month.

The country in October recorded a year-on-year food inflation of 7.8 per cent, the same as the figure recorded in September, whilst the non-food sector recorded an inflation rate of 23 per cent, which is below the 23.2 recorded in September.

She said some of the food and non-alcoholic beverages — vegetables, mineral water, soft drinks and fruits — recorded inflation rates higher than its average of 7.8 per cent, whilst cereal products and fruits recorded the lowest inflation of 5.7 and 5.8 per cent respectively.

“Education recorded a year-on-year inflation of 13.8 and mineral water, soft drinks recorded inflation of 8.5 per cent,” the Government Statistician said.

For the non-food group, Dr Nyarko said recreation and culture (29.9), Education (28.8), transport (25.7), clothing and footwear (24.5), and furnishing, household equipment and routine maintenance (24.5), recorded inflation above the group average of 23.0 per cent.

Dr Nyarko explained that communication and health recorded the lowest inflation in the non-food sector with inflation rates of 13.8 and 14.5 respectively.

On regional inflation, the Government Statistician said three regions, Upper West, Greater Accra and Ashanti recorded inflation rates of 18.6, 18.5, 18.4 respectively, which are higher than the national average of 17.4 per cent.

“The Upper West Region recorded the highest year-on-year inflation rate of 18.6 per cent, whilst the Upper East Region recorded the lowest inflation of 13.0 per cent,” she said.

By Kingsley Asare

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