Inflation rate for December 2018 slightly up

Ghana Statistical Service, (GSS) has revealed that, in December 2018, the year-on year inflation rate was 9.4%, compared with the 9.3% recorded in November 2018.

The monthly change rate in December 2018 was 1.1% compared to 0.7% recorded in November, 2018.

Addressing his maiden edition news conference in Accra, the newly appointed acting Government Statiscian, David Kombat, said “the year-on-year non-food inflation rate for December 2018 was 9.8% compared with the rate of 9.7% recorded in November 2018”.

According to him, the year-on-year food inflation rate for December 2018 was 8.7%, compared with 8.6% recorded in November 2018.

The year-on-year non-food inflation rate (9.8%) is 1.1 percentage points higher than the food inflation rate (8.7%).

In December 2018, the year-on-year inflation rate for imported items (11.1%) was 2.4 percentage points higher than that of locally produced items (8.7%).

The main ”price drivers” for the non-food inflation rate were Transport (13.6%), Recreation and Culture (13.2%), Clothing and footwear (13.0%), Furnishing, Household  Equipment and Routine Maintenance (11.6%) and Miscellaneous goods and services (10.0%).

The “price drivers” for the food inflation rate were Coffee, tea and cocoa (13.5%), Fruits (11.4%), Meat and meat products (10.9%) and Mineral water, soft drinks, fruit and vegetable juices (9.2%).

Five regions (Upper West, Bono-Ahafo, Western, Ashanti and Northern) recorded inflation rates above the national average of 9.4 percent.

Upper West Region recorded the highest year-on-year inflation rate of 11.4%, followed by Brong Ahafo region (10.3%), while the Upper East region recorded the lowest year-on-year inflation rate (7.5%) in December 2018.