May inflation increases to 9.8%

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The Consumer Price Index (inflation) for May 2018, the year-on-year has gone up to 9.8%, compared with the 9.6%% recorded in April 2018.

The monthly change rate in May 2018 was 1.0% compared with the 0.9% recorded in April 2018.
The year-on-year non-food inflation rate for May 2018 was 10.9% compared with the rate of 10.6% recorded in April 2018.

The year-on-year food inflation rate for May 2018 was 7.6%, compared with 7.4% recorded in April 2018.

Addressing the media in Accra, the Acting government statistician of the Ghana Statistical Service, Baah Wadieh said “the year-on-year non-food inflation rate (7.6%) is almost one and half times that of the food inflation rate (7.6%).

In May  2018, the year-on-year inflation rate for imported items (12.4%) was 3.7 percentage points higher than that of locally produced items (8.7%)”, adding that, the main price drivers for the non-food inflation rate were Clothing and footwear (17.2%), Recreation and Culture (14.0%), Furnishing, Household Equipment and Routine ‘ Maintenance (13.0%) and Miscellaneous goods and services (12.8%).

According to him, “the price drivers for the food inflation rate were Coffee, tea and cocoa (10.8%), Fruits (9.8%), Meat and meat products (9.9%), Mineral water, soft drinks, fruit and vegetable juices (9.3%), Food products (9.1%) and Vegetables (8.1%).”

Five regions (Upper West, Brong Ahafo, Western, Northern and Ashanti) recorded inflation rates higher than the national average of 98%.

Upper West region recorded the highest year-on-year inflation rate of 12.0%, followed by Brong Ahafo region (11.0%), while the Upper East region recorded the lowest year-on-year inflation (8.4%) in May 2018.

The May 2018 rate of 9.8% is the second lowest since January 2013, he mentioned.

Ghana | | Hannah Obeng