Inflation for November drops to 9.3%

The inflation rate for November 2018 declined to 9.3% compared with the rate of 9.5% recorded in October this year.

According to the Acting Government Statistician, Baah Wadieh, the drop in inflation for November can be attributed to the marginal reduction in prices of food items and transport.

He noted that the change in the prices over the one month period has affected the Consumer Price Index which measures the change over time in the general price level of goods and services.

“The food group recorded a rate of 8.6 per cent, a reduction of 0.3 percentage points as compared to the October rate. Meanwhile, the Upper West region recorded the highest inflation rate of 11.5 per cent followed by the Brong Ahafo and Western regions,” he said.

The inflation rate measures the average rise in the prices of all consumer goods and services in the country.

It is measured in two ways which include annual and monthly

Monthly change rate measures the change in the average price level between the current month and the previous month whiles the annual rate is the measure of a twelve month period.

The inflation rate for imported items was 11.1% in November 2018, same as the rate recorded in October 2018.

The inflation rate for locally produced items was 8.6% in November 2018 compared to the 8.8% recorded in October 2018.

Non-food inflation

The main “price drivers” for the non-food inflation rate were Transport (13.7%), Recreation and Culture (13.3%), Clothing and footwear (12.6%), Furnishing, Household Equipment and Routine Maintenance (11.4%) and miscellaneous goods and services (10.3%).

Food inflation 

The “price drivers” for the food inflation rate were Coffee, tea and cocoa (12.8%), Fruits (11.0%), Meat and meat products (10.2%), Mineral water, soft drinks, fruit and vegetable juices (9.4%), Food and food products (9.4%), and Vegetables (9.1%).

source: Myjoyonline