- 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%.
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%.
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.