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Inflation rate for May 2019 drops to 9.4%

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The year-on-year inflation rate as measured by the Cobsumer Price Index stood at 9.4 percent in May 2019, representing  0.1 percentage point down from the 9.5 percent recorded in April 2019.

This rate of inflation for May 2019 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from May 2019 to May 2019.

Addressing a news conference the Deputy Statistician, David Combat, said: “Food and non-alcoholic beverages group recorded a year-on-year infiation rate of 7.3 percent. This is 1.1 percentage point lower than the rate recorded in April 2019….Five subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 7.3 percent”.

At the regional level, David Combat said:  “The year-on-year inflation rate ranged from 8.0 percent for Upper East region to 11.1 percent for Upper West region. Four regions (Upper West, Brong Ahafo, Western and Ashanti) recorded infiation rates above the national average and Greater Accra and Eastern regions recorded the same inflation rate of 9.1 percent”.

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.

By Edzorna Francis Mensah

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