GSS announce January inflation as 19%

GSS announce January inflation as 19%

- The Ghana Statistical Service  has announced rate of inflation for January 2016 as 19%.

- The January 2016 rate of 19.0% is the highest since  January 2013.

- Ashanti and Greater Accra regions recorded  inflation rates higher than the national average of 19.0%.  

GSS announce January inflation as 19%

Government Statistician, Philomina Nyarko

The Ghana Statistical Service has announced inflation for January 2016, the year-on year inflation  rate as 19.0%, compared with the 17.7% recorded in December 2015. The highest since January 2013.

According to the government statistician, the monthly change rate in January 2016 was  4.6% while that for December 2015 was 1.1%.

The year-on-year non-food inflation rate for January 2016 was 25.5% compared with the 23.3% recorded in December 2015.

The year-on-year food inflation rate  for January  2016  was 8.2%, compared with the 8.0%  recorded for December  2015.

The year-on-year non-food inflation rate (25.5%) was more than three times higher than the food inflation rate (8.2%).

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The year-on-year inflation rate for locally  produced items (19.1%) for January 2016 was 0.4 percentage point higher than that of imported items (18.7%.) .

The GSS also indicated that the  main “price drivers” for the non-food inflation rate were housing, water, electricity, gas and other fuels (45.5%) and transport (30.8%).

The “price drivers” for the food inflation rate were coffee, tea and cocoa (11.4%), mineral water, soft drinks, fruit and vegetable juices (11.3%), sugar, jam, honey,  chocolate and confectionery (10.5%),food products n.e.c (10.5%) and Vegetables (9.5%).

Two regions (Ashanti and Greater Accra) recorded  inflation rates higher than the national average of 19.0%.

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The Greater Accra Region recorded the highest  year-on-year inflation rate of 23.1% while the Upper East Region recorded  the  lowest  (14.1%).

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: Annual (year-on-year) inflation rate measures the change in the average price level over a twelve month period.

Monthly change rate measures the change in the average price level between the current month and the previous month.

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