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Inflation rate for August up by 0.4%

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The Ghana Statistical Service (GSS) has revealed that, in August 2018, the year-on-year inflation rate for Consumer Price Index (CPI) has gone up to 9.9% compared with the 9.6% recorded in July, in the same year.

The monthly change rate in August 2018 was 0.0% compared with the rate at 0 4% recanted July, 2018.

The year-on-year non-food inflation rate to! August 2018 was 10.8% compared with the rate of 10.7% recorded in July 2018.

Speaking at the news conference in Accra, the Acting Government Statistician, Baah Wadieh noted that, the year-on-year food inflation rate tor August 2018 was 7.9%, compared with 7.4% recorded in July 2018.

“The year-on-year non-food inflation rate (10.8%) is more than one and a quarter that of the food Inflation rate (7.9%). In August 2018, the year-on-year inflation rate for Imported Items (11.7%) was 2.6% points higher than that of locally produced items (9.1%),” he said.

According to him, the main “price drivers for the non-food inflation rate were clothing and footwear (15.2%), Transport (15.1%), Recreation and Culture (13.9%), Furnishing, Household Equipment and Routine Maintenance (12.6%) and Miscellaneous goods and services (11.9%),” adding that, “price drivers for the food inflation rate were Coffee, tea and cocoa (11.3%), Fruits (10.6%), Meat and meat products (10.0%), Mineral water, soft drinks, fruit and vegetable juices (9.3%) and Vegetables (8.4%).”

At the Regional level, five regions (Upper West, Brong Ahafo, Western, Ashanti and Northern) recorded inflation rates higher than the national average of 9.9%.

Upper West Region recorded the highest year-on year-on-year rate of 11.8%, followed by Brong Ahafo (10.8%), while the Upper East Region recorded the lowest year-on-year inflation (8.2%) in August 2018.

The Consumer Price Index (CPI) measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2012, the base year, which has an index of 100.

Story by Edzorna Francis Mensah.

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