Business/Finance

Inflation Rate Inches Up To 9.4 Percent In July

The year-on-year inflation rate inched up in July 2019 to 9.4 per cent compared to 9.1 per cent in June, the Ghana Statistical Service said on Wednesday.

Mr David Yenukwa Kombat, the Deputy Government Statistician, said the slight increase in the rate could be attributed to the rise in the non-food inflation rate.

The non-food inflation rate for July 2019 was 10.7 per cent compared with 10.3 per cent recorded in June, while the food inflation rate stood at 6.6 per cent compared with 6.5 per cent in June.

The year-on-year non-food inflation rate of 10.7 per cent is 4.1 percentage points higher than the food inflation rate of 6.6 per cent.

The inflation rate for imported items stood at 11.3 per cent in July, up from 11.2 per cent. That for locally produced items was down to 8.2 per cent in July compared to 8.6 per cent in June.

The main “price drivers” for the non-food inflation rate were Clothing and footwear with 14.9 per cent, Recreation and Culture 14.8 per cent, Furnishing, Household Equipment and Routine Maintenance 14.6 per cent and miscellaneous goods and services 11.2 per cent.

The “price drivers” for the food inflation rate were Coffee, Tea and Cocoa 17.5 per cent, Fruits 11.0 per cent, Meat and meat products 8.6 per cent, Vegetables including other leafy vegetables 8.4 per cent, Sugar, jam, honey and other confectionaries 7.0 per cent and Mineral water, soft drinks, fruit and vegetable juices 6.9 percent.

Five Regions, Upper West, Brong Ahafo, Western, Volta and Ashanti, recorded inflation rates above the national average of 9.4 percent.

Upper West Region recorded the highest year-on-year inflation rate of 11.1 per cent, followed by Brong Ahafo Region 10.8 per cent, while the Upper East Region recorded the lowest year-on-year inflation rate 8.5 per cent in July 2019.

Kesse Alfred
Kesse Alfred is a Ghanaian journalist and an entrepreneur. The CEO of 24Hours Media Limited and much interested in writing Articles and Script Editing.
http://www.24hrsmediaonline.com

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