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Ghana's inflation rate for October, 2018 drops to 9.5%

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The year on year inflation rate as measured by the Consumer Price Index (CPI) stood at 9 point 5 percent (9.5%) in October 2018 down by Zero point Three percent (0.3%) points from the Nine point Eight percent (9.8%) recorded in September, 2018 with the monthly change of Zero point Seven percent (0.7%) compare with the rate of Zero point Zero percent (0.0%) recorded in September, 2018.

At the news conference in Accra, Acting Government Statistician of Ghana Statistical Service, (GSS) Baah Wadieh said, the year- on-year non-food inflation rate for the same period was Nine point Eight percent (9.8%) compared with the rate of Ten point Three percent (10.3%) recorded in September, 2018.

“The year-on -year food inflation rate for October 2018 was Eight point Nine percent (8.9%), compared with Eight point Seven percent (8.7%) recorded in September, 2018.

The year-on-year inflation rate for imported items Eleven point One percent (11.1%) was Two point Three (2.3%) points higher than that of locally produced items Eight point Eight percent (8.8%)”.

He said “the main price drivers for non-food inflation rate were Transport Thirteen point Nine percent (13.9%), clothing and footwear Thirteen point Four percent (13.4%), Recreation and Culture, Twelve point Seven percent,  (12.7%) and furniture, Household Equipment and Routine Maintenance, Eleven point Nine percent, (11.9%).

The main price drivers for the food inflation rate were coffee, tea and cocoa, Thirteen point One percent, (13.1%), Fruits, Eleven point Four percent, (11.4%), Food and Food Products, Ten point Five percent, (10.5%), Mineral Water, Soft drinks, fruit and vegetable juice Ten point Four percent, (10.4%), meat and meat products, Ten point One percent, (10.1%) and vegetable, Nine point Six percent, (9.6%)”.

On Regional bases, (Upper West, Bono-Ahafo, Western, Northen and Ashanti) recorded inflation rate above the national average rates of Nine point Five percent, (9,5%).

Upper West Region recorded the highest year-on-year inflation rate of Eleven point Six percent, (11.6%), followed by Bono-Ahafo region, Ten point Four percent, (10.4%), while the Upper East Region recorded the lowest year-on-year inflation rate, Eight point Three percent, (8.3%) in October, 2018.

The October, 2018 rate of Nine point Five percent, (9.5%) is the lowest since January 2013, GSS noted.

Story Edzorna Francis Mensah

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