Ghana Inflation Rate Lowest since 2013
The annual inflation rate in Ghana fell to 7.8 percent in August 2019, the lowest level since September 2013, from 9.4 percent in the previous month, and below the mid-point of Bank of Ghana's target range of 6-10 percent. Prices slowed for non-food products while picked up for food.
Year-on-year, prices increased at a softer pace for non-food products (7.4 percent vs 10.4 percent in July), namely clothing & footwear (6.6 percent vs 14.9 percent); hotels, cafes & restaurants (4.8 percent vs 9.9 percent); education (2.7 percent vs 6.4 percent); health (5.4 percent vs 7.9 percent); furnishings (6.1 percent vs 14.6 percent) and recreation & culture (7.4 percent vs 14.8 percent). Meanwhile, cost rose further for alcoholic beverages & tobacco (12.9 percent vs 10.3 percent); housing & utilities (9.9 percent vs 9.8 percent), mainly attributable to hikes in electricity and water tariffs with effect from July and transport (10.2 percent vs 6.9 percent), following hikes in fuel prices.
Contrastingly, food inflation jumped to 8.2 percent from 6.6 percent in the prior month, boosted by prices of fruits and nuts (25.2 percent); cereals and cereal products (10.6 percent); sugar, confectionery and deserts (9.0 percent), and ready-made food and other food products (8.3 percent).
The base year for the consumer price index was changed to 2018 from 2012 and the new basket was expanded to 307 items compared with 267 before.
9/19/2019 9:15:27 AM