The Rate Of Inflation For December 2015

The Rate Of Inflation For December 2015

The Ghana Statistical Service has announced inflation in December 2015 is 17.7%.

According to a statement issued by the government statistician, Dr. Philomena Nyarko, the 17.7% represents a marginal increment of 0.1% on the 17.6% recorded for November 2015.

She also stated that the main factors that determined the inflation rate are the exchange rate stability on one end, and cost of food on the other.

" The exchange rate, between the November to December was GHC3.79 representing a stability in the rate and a zero rate of change.  This, Dr. Philomena Nyarko said,  led to no change in the price of imported goods," the statement noted.

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Meanwhile the Ashanti region recorded the highest year-on-year rate of 19.2%  while the Upper East region recorded the lowest rate of 13.7% in December.

The year-on-year food inflation rate  for December  2015  was 8.0%, compared with the 7.9%  recorded for November  2015.

The year-on-year non-food inflation rate (23.3%) was about three times higher than the food inflation rate (8.0%).

The year-on-year inflation rate for imported items (18.3%) for December 2015 was  0.8 percentage point higher than that of locally  produced items(17.5%.)

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Dr. Nyarko also revealed that January 2016 inflation rate will reflect all the activities in Christmas. " We compute our rates in the first week of the month. So the massive importation which has characterised the festive season will be reflected in the January 2016."

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