May inflation is 18.9%

May inflation is 18.9%

The Ghana Statistical Service (GSS) has announced that inflation for the month of May went up marginally to 18.9%.

According to the GSS the rate increased by 0.2% from the 18.7% in April 2016. They also announced that the year-on-year non-food inflation rate for May 2016 was 25.0% compared with the 24.8% recorded in April 2016.

Also the year-on-year non-food inflation rate 25.0%  was about three times that of the food inflation rate 8.5%. The year-on-year inflation rate for locally  produced items  19.0% was 0.5 percentage point higher than that of the imported items 18.5% for May 2016.

The  main “price drivers” for the non-food inflation rate were transport 40.9%, housing, water, electricity, gas and other fuels 35.7%, Education 32.3% and recreation and culture 27.9%.

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The “price drivers” for the food inflation rate were vegetables 11.6%, oils and fats 11.2%, fruits 10.3% mineral water, soft drinks, fruit and vegetable juices 9.9%, coffee, tea and cocoa 8.9% and meat and meat products 8.8%.

Meanwhile two regions; Greater  Accra and Ashanti recorded inflation rates higher than the national average of 18.9%.

The Greater Accra Region recorded the highest year-on-year inflation rate of 22.6%, followed by the Ashanti region with 20.8% while the Upper East Region recorded  the  lowest 15.0%.

Source: Yen.com.gh

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