Inflation rate for August drops to 7.8%

The Ghana Statistical Service (GSS) has announced that the year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 7.8 Per cent in August 2019, with an index of 108.7.

Alcoholic beverages, tobacco and narcotic (12.9) per cent was the key driver of August’s inflation.

Acting government statistician, Professor Samuel Kobina Anim, explained to the media Wednesday 17th September 2019 mentioned that Ghana Statistical Service, (GSS) is committed to improving on the quality of products, the consumer price index (CPI).

He added that the new series has 2018 as the reference period and it is an expanded basket over the previous one which had 2012 as the reference period.

“This adequately reflects the peoples purchasing habit,’’ he said.

According to Professor Samuel, the food and non-alcoholic beverages group recorded a year-on year inflation rate of ( 8.2) percent. Fruit and nuts (25.2) percent, cereals and cereal products (10.6) percent, sugar, confectionery and deserts (9.0) percent, and ready- made food and other food products (8.3) percent were the major drivers of the food inflation.

The non-food group recorded a year-on year inflation rate of (7.4) percent in august 2019. Alcohol beverages, tobacco and narcotic (12.9) percent transport (10.2) percent and housing, water, electricity, gas and other fuels (9.9) percent were the key drivers of the non-food inflation in august.

At the regional level, the year-on-year inflation rate ranged from 3.9 percent for eastern region to 12.4 percent for (Greater Accra Region. Four Regions Greater Accra, Upper West, Central and Volta) recorded inflation rates above the national average (7.8) percent. Eastern region recorded the least inflation rate of 3.9 percent.