Ghana: October inflation drops marginally

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Ghana’s year-on-year inflation rate for October 2018 was 9.5 percent down from 9.8 percent recorded in September 2018; Baah Wadieh, the Acting Government Statistician, stated on Wednesday in Accra.

Presenting the Consumer Price Index for the month, Mr Wadieh noted that, the monthly change rate in October 2018 was 0.7 percent, compared with the rate of 0.0 percent recorded in September 2018.

The October 2018 rate of 9.5 percent is the lowest since January 2013, according to Mr Wadieh.

The Acting Government Statistician said the year-on-year non-food inflation rate for October 2018 was 9.8 percent compared with the rate of 10.3 percent recorded in September 2018.

The year-on-year food inflation rate for October 2018 was 8.9 percent, compared with 8.7 percent recorded in September 2018.

Mr Wadieh said the year-on-year non-food inflation rate of 9.8 per cent is 0.9 per cent point higher than the food inflation rate of 8.9 percent.

In October 2018, the year-on-year inflation rate for imported items was 11.1 percent, which is 2.3 percentage points higher than that of locally produced items at 8.8 percent.

He explained that the main “price drivers” for the non-food inflation rate were Clothing and Footwear (13.4 percent), Transport (13.9 percent), Recreation and Culture (12.7 percent), Furnishing, Household Equipment and Routine Maintenance (11.9 percent).

However, he posited that the “price drivers” for the food inflation rate were Coffee, tea and cocoa (13.1 percent), Fruits (11.4 percent), Meat and meat products (10.1 percent), Mineral water, soft drinks, fruit and vegetable juices (10.4 percent), Vegetables (9.6 percent) and Food products (10.5 percent).

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