Inflation Rate eases to 11.9 per cent in July

The year-on-year inflation rate fell for a third straight month this year to 11.9 percent in July from 12.1 percent in June on the back of a stable cedi and easing transport inflation.

The rate for July was the lowest since September 2013.

Addressing a news conference to announce the rate for July, Mr Baah Wadieh, Acting Government Statistician, said the absence of major shocks in the economy in the last three months such as high utility prices and transport cost were also contributing to the ease in the rate.

“Exchange rate has been fairly stable most of the year and transport inflation is easing. There’s also not been any major shock in the economy in the past three months,” Mr Wadieh said.

Food inflation rose to 7.2 percent in July from 6.2 percent in June while non-food inflation dropped to 14.2 percent from 15.1 percent.

The sub groups with high price changes over the year (main price drivers) for the non-food inflation rate included transport, recreation and culture and clothing and footwear.

That for the food inflation rate was fish and sea food and meat and meat products.

Mr Wadieh said although the non-food inflation rate was about double that of the food inflation rate, its overall effect on the annual inflation rate was easing.

The monthly change rate for July was 0.7 per cent compared to the 0.9 per cent for June 2017.

At the regional level, the year-on-year inflation rate ranged from 8.6 per cent in the Upper East Region to 12.7 per cent for Greater Accra and Upper West regions.

Six regions, Western, Greater Accra, Eastern, Ashanti, Brong Ahafo and Upper West recorded inflation rates higher than the national average of 11.9 per cent.

 

Source: GNA

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