Business News of Wednesday, 9 January 2013

Source: GNA

Ghana's year end inflation stands at 8.8 per cent - Statistical Service

The rate of inflation fell to 8.8 per cent in December from 9.3 per cent recorded in November, the Ghana Statistical Service (GSS) announced on Wednesday.

Speaking at a press conference, Dr Philomena Nyarko, acting Government Statistician, attributed the decline to the relative stability of the exchange rate in the latter part of the year.

The monthly change rate for December was 0.7 per cent as against 0.5 per cent recorded in November 2012.

She said that food and non-alcoholic beverages recorded an average year-on-year inflation rate of 3.9 per cent, same as in November.

On the other hand, Dr Nyarko said the non-food recorded an inflation rate of 11.6 per cent with transport recording the highest rate of 20.6 per cent followed by alcoholic beverages, tobacco and narcotics with 16.5 per cent.

“The food inflation was three times lower than the non-food inflation rate,” she said, adding that inflation in local food products was also significantly lower than that of imported food products.

At the regional level, the year-on-year inflation rate ranged from 6.2 per cent in the Upper East and Upper West regions to 11.2 per cent in the Greater Accra region.

Three regions, including Greater Accra, Central, and Northern recorded inflation rates above the national average of 8.8 per cent.