Inflation For October Is 17.4%

Inflation For October Is 17.4%

The Ghana Statistical Service has revealed that inflation for the month of October is 17.4 percent same as in September.

“The annual (year-on-year) inflation rate for October 2015 was 17.4%. This means that the change in the general price level was 17.4% over the one year period, from October 2014 to October 2015,” the report revealed.

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

According to the boss of GSS, Dr Philomena Nyarko though prices of some goods went slightly up, they had little influence on inflation.

Announcing the October rate on Wednesday, Dr Nyarko noted that the relative stability of the Cedi in the currency market also had an influence, especially on imported items.

“The October index was partly driven by the relative stability in the exchange rate of the cedi, resulting in lower prices of imported items.”

The rate of inflation has two main components; Food inflation and Non-food inflation. “The food inflation rate for October 2015 was 7.8% (same as the rate recorded in September 2015).

“The non-food inflation rate for October 2015 was 23.0% (compared with 23.2% recorded in September 2015).”

According to Philomena Nyarko, "The monthly change rate for October 2015 was 2.7% compared to that of 2014 which was - 0.1%.  Year- on- year nonfood inflation was 23 percent for 2015 compared to the 23.3% 2014, while food inflation was 7.8%, the same as for 2014."

 

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