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Business News of Wednesday, 13 February 2019

Source: Myjoyonline.com

Inflation rate for January drops to 9%, lowest in five years

The inflation rate for January 2019 dropped to 9 per cent from the December rate of 9.4 per cent.

According to the Ghana Statistical Services, the January 2019 inflation is the lowest since January 2013.

The drop is attributed to a reduction in some food and non-food commodities under the period.

Inflation measures the rate of change in the general price level of goods and services over a period of time.

Acting Government Statistician David Kombat explains that there was a reduction of about 0.3 per cent in the non-food subgroup.

“The non-food group recorded a year on year inflation rate of 9.5 per cent in January 2019, compared to the 9.8 per cent recorded for December 2018” he noted.

The monthly change rate was 1.0 per cent compared to 1.1 recorded in the previous month.

“The main price drivers for the non-food inflation rate were, transport (13.4 per cent), clothing and footwear (12.8 per cent) and Recreation and Culture (12.7 per cent)” David Kombat disclosed.

Regional breakdown

Four regions; Upper West, Brong Ahafo, Western and Ashanti recorded inflation rates above the national average of 9 per cent.

Upper West region recorded the highest year-on-year inflation rate of 10.8%, followed by Brong Ahafo region (9.9%), while the Upper East region recorded the lowest year-on-year inflation rate (7.7%) in January 2019.