Inflation drops to 15.4 percent in December 2016

The figure represents a drop from the 15.5 percent recorded in November 2016.This is the third consecutive time that inflation has dropped since October 2016.

The monthly change rate in December 2016 was 0.9 percent compared to 0.8 percent recorded a month earlier.

According to figures released by the Ghana Statistical Service, the year-on-year food inflation rate for December 2016 was 9.7%, compared with 9.3% recorded in November 2016.

The “price drivers” for the food inflation rate were Meat and meat products (15.0%), Coffee, tea and cocoa (14.0%), Fish and sea food (13.9%), Mineral water, soft drinks, fruit and vegetable juices (12.2%), Sugar, jam, honey, chocolate and confectionery (12.0%).

But the year-on-year non-food inflation rate for December 2016 was 18.2% compared with the 18.7% recorded in November 2016.

The  main “price drivers”for the non-food inflation rate were Transport (27.2%), Education (23.4%), Recreation and culture (20.3%), Housing, water, electricity, gas and other fuels (20.2%), Furnishings, household equipment and routine maintenance (18.8%) and Health (18.5%) .

Meanwhile the Greater Accra Region recorded the highest year-on-year inflation rate of 18.2%, followed by the Ashanti and Brong Ahafo regions with 15.5%.

The Volta and Northern regions however recorded the lowest inflation rate of 13 percent.

Source: citibusiness