July inflation shoots up to 17.9 per cent

l    Dr. Nyarko (left), addressing the media yesterday. With her are officials of the Service.       Photo: Seth Osabukle

l Dr. Nyarko (left), addressing the media yesterday. With her are officials of the Service. Photo: Seth Osabukle

Ghana’s year-on-year inflation rate for July this year inched up to 17.9 per cent from 17.1 per cent in June, the Government Statistician, Dr. Philomena Nyarko has announced.

Announcing the July inflation figure at a news conference in Accra yesterday, Dr. Nyarko said the monthly change in the inflation rate for July was 2.3 per cent compared with the 1.8 per cent recorded for June.

She attributed the jump inflation to the depreciation of the cedi, increase in fuel prices and transportation.

The Government Statistician explained that year-on-year food inflation rate for July was 7.6 per cent, compared with the 7.4 per cent in June.

She attributed the rise in food inflation to decrease in food production which is as a result of the poor rainfall pattern this year.

“Seven sub-groups of the food and non-alcoholic beverages group recorded inflation rates higher than the group average of 7.6 per cent,” Dr. Nyarko said.

The Government Statistician said the year-on-year non-food inflation rate for July was 24.6, compared to the 23.6 recorded in June, noting that the July non-food inflation was more than three times the food inflation rate.

“The main price drivers for the non-food inflation rate were housing, water, electricity, gas and other fuels (27.1), transport (25.7), recreation and culture (25.5),” Dr Nyarko said.

Touching on the regional inflation rates, the Government Statistician said the year-on-year inflation rate ranged from 14.3 per cent in the Northern Region to 19.8 per cent in the Central Region.

“Four regions namely Central, Ashanti, Volta and Upper East recorded inflation rates above the national average of 17.9 per cent,” she said.

By Kingsley Asare &
Michael Donkor

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