Ghana’s Inflation inches up to 11.8%

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The year-on year inflation rate for December 2017 was 11.8% compared to 11.7% recorded in November 2017, the Ghana Statistical Service (GSS) has noted.

Baah Wadieh, Government Statistician, who disclosed this Wednesday at a press conference in Accra, said the monthly change rate in December 2017 was 1.0% compared to 0.9% recorded in December 2017.

The year-on-year non-food inflation rate for December 2017, he said, was 13.6% same as the rate recorded in November 2017 while the year-on-year food inflation rate for December 2017 stood at 8.0% compared with 7.9% recorded in November 2017.

The year-on-year non-food inflation rate (13.6%) is more than one and half times that of the food inflation rate (8.0%).

The year-on-year inflation rate for imported items (13.6%) was 2.5 percentage points higher than that of locally produced items (11.1%).

According to him, the main “price drivers” for the non-food inflation rate were Clothing and footwear (18.8%), Transport (18.7%), Recreation and Culture (17.5%) and Furnishing, Household Equipment and Routine Maintenance (15.2%) while the “price drivers” for the food inflation rate were Vegetables (10.0%) and fish and sea food (8.8%).

He said four regions (Upper West, Greater Accra, Brong Ahafo and Ashanti) recorded inflation rates higher than the national average of 11.8%, with Upper West Region recording the highest year-on-year inflation rate of 12.8%, followed by Greater Accra Region with 12.7%, while the Upper East Region recorded the lowest year-on-year inflation of 10.2%.

By Samuel Boadi

 

ABOUT: Nana Kwesi Coomson

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A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow (YALI) who studied at Clark Atlanta University on the Business and Entrepreneurship track. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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