Inflation falls to 18.4%

The stability of the cedi contributed to the marginal drop in inflation

The stability of the cedi contributed to the marginal drop in inflation

The annual consumer price inflation fell from 18.9 per cent in May to 18.4 per cent in June, the Ghana Statistical Service (GSS) said yesterday.

Government Statistician, Dr. Philomena Nyarko, told a news conference in Accra, that the fall was driven by stability in food and fuel prices.

Additionally, the cedi had been fairly stable, contributing to the slight easing of consumer prices in June, she said.

“There has been general price stability last month, supported by stability of the cedi which also led to lower prices for imported items,” Dr. Nyarko stated.

She said the year-on-year non-food inflation rate dipped to 24.1 per cent in June compared to 25.0 per cent the previous month.

According to the statistics office, food inflation edged up to 8.6 per cent from 8.5 per cent.

Ghana, like many other countries, uses the Consumer Prices Index (CPI) as the basis for calculating the rate of inflation.
The CPI measures the change in the general level of prices charged for goods and services bought for the purpose of household consumption.

It is compiled from the average change in prices across a wide range of consumer purchases, which is obtained by recording the prices of a sample of products from month to month using a sample of markets throughout the country. Strictly, weightings are applied to the price changes to compile the CPI.

The inflation figures announced monthly are, therefore, the percentage changes in the indices relative to the same month of the previous year.

Print Friendly

Leave a Comment