October inflation increases marginally to 7.7 per cent

Ghana’s Consumer Price Index (CPI) for October has slightly increased to 7.7 per cent from 7.6 recorded the previous month, the Government Statistician, Prof. Samuel Kobina Annim has said.

This means, the percentage point between September and October 2019 went up by 0.1 per cent while the month-month inflation between September and October was 0.4 per cent.

Speaking at a press conference in Accra, Prof. Annim attributed the increase in inflation to food and transportation saying that “food is still the main driver of inflation in Ghana.”

 He said food and non-alcoholic beverages inflation was 7.0 per cent while non-food recorded 8.2 per cent adding that this was a 1.5 percentage points lower than the 8.5 per cent recorded in September this year.

 The Government Statistician mentioned that between September and October  price level of food  and non-alcoholic beverages  went down slightly by -1.2 per cent explaining that the  decline  in price levels  was predominantly driven by  a decline in price  of vegetables and fruits .

Prof. Annim stated that inflation for non-food in October went up to 8.2 per cent from 7.0 per cent recorded in September.

 Subgroups within the non-food sector that recorded highest inflation were transport 37.5 per cent, narcotics 33.8 per cent, passenger transport 14.1 per cent, alcoholic  beverages12.4 per cent, maintenance 11.7 per cent,  electricity, gas and fuels11.7 per cent  and information and communication 8.4 per cent.

He said inflation for imported goods was 8.9 per cent while that of local goods were 5.9 per cent.

 For regional inflation, Prof. Annim said Greater Accra recorded the highest rate of 11.2 per cent, while the Upper East had the lowest rate   3.6 per cent

 The CPI measures proportionate changes in prices of a fixed basket of goods and services that households in Ghana consume. This index is then referenced to the price level in 2018 base year which has an index of 100.

JEMIMA ESINAM KUATSINU

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