Business News of Wednesday, 12 September 2012

Source: XYZ

August inflation remains unchanged at 9.5 per cent

Inflation remained unchanged at 9.5 percent for the first time in five months. Relative stability in the value of the cedi to the dollar from late August coupled with low food rate prevented the overall rate of consumer price increases.

Food and alcoholic beverages recorded an average year-on-year inflation rate of 4.4 percent while the non food inflation rate was 12.5 percent.

The monthly change rate for August was -0.8 percent.

Magnus Ebo Duncan, the Head of Economics Statistics at the Ghana Statistical Service says he is least surprised at the August inflation rate.

Though we are entering the seasonal period of low inflation rates, high election spending could push inflation further high.

Ebo Duncan maintains it is difficult to tell whether inflation rates for August and subsequent months will follow historical trends.