June inflation slows to 12.1 percent

Jul 17, 2017

Year-on-year inflation rate for the month of June 2017, dropped to 12.1 percent, from the May figure of 12.6 percent, latest figures released by the Ghana statistical Service have shown.

The figure, which represents a 0.5 percentage points decrease from the previous month’s rate is the lowest since December 2013 and was driven largely by falling food and petroleum prices during the period under review.

Acting Government Statistician Mr. Baah Wadieh told a news conference in Accra that: “Food and non-alcoholic beverages, in addition to petroleum prices recorded lower prices in June, compared to the same period last year.”

Current slip pressures on the Consumer Price Index (CPI) were driven generally by both the food and non-food sectors, but the non-food component, which constitutes 55.09 percent, exerted much more pressure, recording 15.1 percent in June as against the May figure of 15.8 percent, as compared to food component, which represents 44.91 percent and recorded 6.2 percent inflation in June.

Six subgroups recorded year-on-year inflation rates higher than the group’s average rate of 15.1 percent.

Transport recorded the highest inflation rate of 23.1 percent, followed by recreation and culture with 20.8 percent, furnishings, household equipment and routine maintenance with 20.6 percent, clothing and footwear with 16.6 percent.

Also, miscellaneous goods and services with 15.4 percent, and health with 14.3 percent. Inflation was lowest in the housing, water, electricity, gas and other fuels subgroup, recording 7.1percent.

Government has affirmed its commitment to reducing inflation, public debt and the budget deficit and attributed the drop in the inflation rate to the early signs of the effects of prudent tight fiscal and monetary policies during the past quarters.

At the regional level, the year-on-year inflation rate ranged from 8.6 percent in the Upper East Region to 13.1 percent in Upper West Region.

Five regions, namely: Upper West, Greater Accra, Brong Ahafo, Ashanti, and Western recorded inflation rates above the national average of 12.1 percent.

Source: Ekow Essabra-Mensah | thebftonline.com

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