Inflation drops to 9.5% in October

Baah

Baah

The country for the first time in five years recorded its lowest inflation rate in October, this year, the Ghana Statistical Service (GSS) has said.

The year-on-year inflation rate for October dropped marginally from 9.8 in September to 9.5 per cent, the lowest since January 2013.

This represent a 0.3 percentage change lower than the inflation rate recorded in September and a monthly change rate of 0.7 per cent compared to 0.0 per cent recorded for September.

Announcing the new inflation rate in Accra yesterday, the Acting Government Statistician, Mr Baah Wadieh, said the drop in the inflation was influenced by the fall in the non-food inflation rate.

He said the year-on-year non-food inflation rate decreased from 10.3 per cent in September to 9.8 per cent.

Mr Wadieh explained that housing, water, electricity, gas and other fuels in the non-food sub-group recorded the lowest inflation rate of 2.8 per cent, which is lower than the group’s average of 9.8 per cent.

He said the main “price drivers for the non-food inflation rates were transport, 13.9 per cent, clothing and foot wear, 13.4 per cent, recreation and culture 12.7 per cent, which recorded inflation rates above the group’s average of 9.8.

Mr Wadieh said the year-on-year food inflation rate for October stood at 8.9 per cent, which is 0.2 points higher than the rate recorded in September, which stood at 8.7 per cent.

Highlighting on the regional inflation rates, the Acting Government Statistician said the year-on-year inflation rate ranged from 8.3 per cent in Upper East Region to 11.6 per cent in Upper West Region.

“Five regions, Upper West, Brong Ahafo, Western, Northern and Ashanti recorded inflation rates above the national average of 9.5 per cent,” he said.

He said Upper West Region recorded the highest year-on-year inflation rate of 11.6 per cent and Upper East Region recorded the lowest year-on-year inflation rate of 8.3 per cent.

Meanwhile, this year’s Africa Statistics Day, which was initiated in 1990 by the Joint African Conference of Planners, Statisticians and Demographers,   would be celebrated on Tuesday on the theme, “High-quality official statistics to ensure transparency, good governance and inclusive development.”

The day is set aside to raise public awareness of the importance of statistics in all aspects of socioeconomic and environmental life.

By Kingsley  Asare

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