Inflation rate now at 17.7 %

The rate of inflation rose to 17.7 per cent in December to end 2015 up from the 17.6 per cent recorded in November, the Government Statistician Dr Philomena Nyarko, has said.

The monthly change rate in December 2015 was 1.1 per cent compared with 1.0 per cent in November.

A report by the Ghana News Agency said the year-on-year non-food inflation rate for December 2015 was 23.3 per cent, while that for the food inflation rate was 8.0 per cent.

Dr Nyarko said the year-on-year non-food inflation rate of 23.3 per cent was about three times higher than the food inflation rate.

The main “price drivers” for the non-food inflation rate, include transport at 27 per cent, recreation and culture at 26.9 per cent, education at 26.8 per cent and furnishings, household equipment and routine maintenance at 25.8 per cent.

The “price drivers” for the food inflation rate were vegetable at 13.3 per cent and mineral water, soft drinks, fruit and vegetable juices at 10.6 per cent.

The year-on-year inflation rate for imported items stood at 18.3 per cent for December 2015, 0.8 percentage point higher than that of locally produced items at 17.5 per cent.

Ashanti, Greater Accra and Upper West Regions recorded inflation rates higher than the national average of 17.7 per cent.

Ashanti Region recorded the highest year-on-year inflation rate of 19.2 per cent, while Upper East recorded the lowest of 13.7 per cent in December.