Ghana’s Inflation for October hits 7.7%

Ghana’s inflation for October 2019 went up by 7.7% as against 7.6% in September, according to the Statistical Service Department.

The government statistician Professor Samuel K Annim said the year-on-year inflation rate as measured by CPI increased by 0.1 percentage point from the 7.6% recorded in September 2019.

For the food and non-alcoholic beverages group, the Statistician pointed out that the year -on -year inflation rate recorded 7.0%, which is 1.5 percentage points lower than the 8.5% recorded in September 2019.

“Between September 2019 and October 2019 the price level of Food and Non-alcoholic beverages went down slightly by -1.2%. This decline is predominantly driven by a decline in price levels of vegetables and fruits,” he explained.

For the non-food group, Prof Annim said it recorded a year-on-year inflation rate of 8.2% in October 2019, compared to 7.0% recorded for September 2019.

He said “non-food classes with the highest year-on-year inflation included transport services of goods 37.5%, narcotics 33.8%, passenger transport 14.1%, alcoholic beverages 12.4%, maintenance of dwellings 11.7%, electricity, gas and fuels 11.7%, and information and communication services 8.4%.”

He pointed out that at the regional level, the year-on-year inflation ranged from 3.6% in Upper East Region to11.8% in the Greater Accra Region.
He also said inflation of imported goods was 8.9%, while the inflation of local goods was 5.9% on average.

Source: Daily Mail GH

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