Ghana’s Inflation Moves Upto 10%

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Ghana’s inflation rate has surged back into double digit zone, at 10 per cent (June), two months after some relative stability.

Inflation went up by 0.2 percent from the May 2018 figure of 9.8 percent.

The slight increase in year-on-year inflation was largely due to the exchange rate fluctuation in the month of review, but stayed within the Bank of Ghana’s target of 10.0 percent + or -2.
According to the figures from the Ghana Statistical Service, the general price level went up by 1.0 percent between May 2018 and June 2018.The monthly change rate of 1.0 percent recorded for May 2018 was however the same as the rate recorded in June 2018.

 

 

While, the food inflation rate for June 2018 was 7.3 percent compared with 7.6 percent recorded in May 2018, the non-food inflation rate for June 2018 was 11.2 percent compared with 10.9 percent recorded in May 2018.

Within the Food group, six sub-groups recorded inflation rates higher than the group’s average of 7.3 percent. They are coffee, tea and cocoa (10.3 percent); fruits (9.6 percent); meat and meat products (8.7 percent); mineral water, soft drinks and fruit juice (8.4 percent); vegetables (8.3 percent) and other food products (7.9 percent).

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Within the Non-food group, five sub-groups recorded inflation rates higher than the group’s average of 11.2 percent. They are clothing and footwear (16.1 percent); transport (15.5 percent); recreation and culture (13.8 percent); furnishings and household equipment (13.3 percent) and miscellaneous goods and services (12.7 percent).

The inflation rate for imported items was 11.8 percent in June 2018 compared with 12.4 percent recorded in May 2018.

The inflation rate for locally produced items was 9.2 percent in June 2018 compared with 8.7 percent recorded in May 2018.

For the regions, the Upper West region recorded the highest combined food and non- food inflation rates of 11.9 percent while the Ashanti region recorded the highest food inflation rate of 8.1 percent in June 2018.

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The Upper East region however recorded the least inflation rate of 8.1 percent followed by Central, Greater Accra and Eastern that recorded inflation rates of 9.6 percent respectively.

Four regions (Upper West, Brong Ahafo, Western and Ashanti) recorded inflation rates higher than the national average of 10.0 percent and Northern region recorded the same inflation rate as the national average of 10.0 percent .

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