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January inflation dips marginally

Ghana’s annual inflation rate for January this year fell marginally to 7.8 from 7.9 per cent, the Ghana Statistical Service (GSS) has announced.

This represents a year-on-year change rate of 0.1 percentage points and a month-on-month change rate of 1.4 per cent, the highest since the rebasing of the Consumer Price Index (CPI).

Professor Samuel Kobina Annim, the Government Statistician who disclosed this at a news conference in Accra on Wednesday said, food and non-alcoholic beverages drove the January inflation rate.

He explained that the food sub-sector recorded an inflation rate of 7.8 per cent which is 0.5 percentage points higher than the 7.3 per cent recorded in December 2019.

“Between December 2019 and January 2020, the price level of food and non-alcoholic beverages increased by 2.3 per cent.  This rise is predominantly driven by an increase in price levels of vegetables and fish,” he said.

Prof. Annim said the non-food subsector recorded an inflation rate of 7.9 per cent,   with other transport services, postal and courier services and darden products driving the sector’s inflation rate.

The other transport services sector, postal and courier services and garden products, he said recorded inflation rates of 34.5 per cent, 24.7 per cent and 23.4 per cent respectively.

Prof Annim indicated that Insurance and financial services (0.6 percentage points) information and communication (3.1 per cent and household equipment and maintenance (4.3 per cent) some of the sectors in the non-food sectors which recorded lowest inflation rate.

The Government Statistician indicated that inflation of imported goods stood at 5.8 per cent, while inflation for local goods was 8.7 per cent, adding that the month-on-month inflation for imported goods were 0.6 per cent, while month-on-month inflation for local goods was 1.8 per cent.

At the regional level, Prof. Annim said the year-on-year inflation ranged from 5.5 per cent in Ashanti Region to 10 per cent in Central Region with the Upper East recording the lowest inflation rate of 5.7 per cent.

He said Upper West (6.2 per cent), Northern (6.7 per cent), Brong Ahafo (6.6 per cent) and Ashanti Region (5.6 per cent) recorded inflation rates below the national average of 7.8 per cent.

 Eastern Region (9.6 per cent), Greater Accra (8.8 per cent), Volta Region (9.6 per cent) and Western Region (8.5) recorded inflation rates above the national average.

By Kingsley Asare

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