July inflation drops to 9.6%

Inflation rate has dropped from the 10 per cent recorded in June to 9.6 per cent in July 2018, the Ghana Statistical Service (GSS), has announced.

The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 7.4 per cent. This is 0.1 percentage point higher than the rate recorded in June 2018. Six subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 7.4 percent

The non-food group recorded a year-on-year inflation rate of 10.7 per cent in July 2018, compared to the 11.2 per cent recorded for June 2018. Five subgroups recorded year-on-year inflation rates higher than the group’s average rate of 10.7 per cent.

Clothing and footwear recorded the highest inflation rate of 15.4 per cent, followed by transport with 15.0 percent, recreation and culture with 13.4 percent, furnishings, household equipment and routine maintenance with 12.5 per cent and miscellaneous goods and services with 12.0 per cent.

Inflation was lowest in the housing, water, electricity, gas and others fuels subgroup (3.0%).

At the regional level, the year-on-year inflation rate ranged from 7.8 per cent in Upper East region to 11.5 per cent in Upper West region.

Five regions (Upper West, Brong Ahafo, Western, Ashanti and Northern) recorded inflation rates above the national average rate of 9.6 per cent.

Source: BOG