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Inflation rate for May drops to 9.4%

PGhana’s year-on-year inflation rate for May dropped marginally to 9.4 per cent from 9.5 per cent the previous month, the Ghana Statistical Service (GSS) has announced.

The May inflation rate represents a 0.1 per cent decrease of the inflation rate recorded in April and a monthly change rate of 1.1 per cent.

The slight drop in the inflation rate was influenced by the fall in the non-food inflation rate which plummeted from 7.3 per cent in April to 6.7 per cent in May.

Speaking at a news conference in Accra yesterday, Deputy Government Statistician, David Yenukwa Kombat explained that the fall in the inflation rates of milk, cheese and egg products (3.7 per cent),   cereal products (4.7 per cent), oil and fats (5.2 per cent), food products (5.9 per cent) and fish and sea food (5.9 per cent) caused the fall in the food inflation rate.

However, the Deputy Government Statistician said  coffee, tea and cocoa (15.1 per cent), fruits (10.9 per cent), vegetables (8.4 per cent), mineral water and soft drinks (8.0 per cent) and meant and meat products (7.3 per cent) above the group’s average of 6.7 per cent.

Mr Kombat said the non-food inflation rate for May rose to 10.6 per cent from 6.7 per cent in April, representing a 3.9 per cent increase.

He stated that recreation and culture recorded inflation rate of (15.0 per cent), clothing and footwear (15.0 per cent), furnishing and household equipment (14.5 per cent), transport (12.5 per cent), alcoholic beverages and tobacco (9.5 per cent) and miscellaneous goods and services (9.5 per cent).

 The Deputy Government Statistician indicated that hotels, cafes and restaurants, health, housing, water, electricity and gas, education and communications recorded inflation rates of 7.2, 7.1, 6.5, 6.2 and 6.1 percents respectively.

“Communications sub-sector recorded the lowest inflation rate of 6.1 per cent,” the Deputy Government Statistician said.

Mr Kombat said the inflation rate for imported items rose slightly to 11.2 per cent in May from 11 per cent in April this year, while the inflation rate of locally produced items reduced marginally from 8.8 per cent in April to 8.6 per cent in May.

At the regional level, the Deputy Government Statistician said the year-on-year inflation rate ranged from 8.0 per cent for Upper East Region to 11.1 per cent for Upper West Region.

“Four regions (Upper West, Brong-Ahafo, Western and Ashanti) ­ recorded inflation rates above the national average and Greater Accra and Eastern regions recorded the same inflation rate of 9.1 per cent,” he said.

Mr Kombat explained that the GSS was yet to compute inflation figures for the newly created regions.

By Kingsley Asare

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