Inflation falls to 7.6% for September Featured

The Ghana Statistical Service says the inflation rate dropped to 7.6 per cent in September, down from 7.8 per cent in August.

The rate was influenced by a marginal reduction in prices of non-food items during the period of measurement.

This was announced by the Government Statistician, Professor Samuel Kobina Annim, who said there was a significant difference between food and non-food inflation.

The consumer price index (CPI) measures the change over time in the general price level of goods and services that households acquire for consumption, with reference to the price level in 2018, the base year, which has an index of 100.

Food vs non-food

The food and non-alcoholic beverages group recorded year-on-year inflation of 8.5 per cent. This is 0.3 percentage points higher than for the previous month, August. Six subgroups recorded inflation higher than the group average rate of 8.5 per cent.

The non-food group recorded a year-on-year inflation of 7.0 per cent in September. However, non-food inflation for September was 0.4 percentage points lower than the 7.4 per cent recorded in August.

Tobacco and narcotics (12.2 per cent), housing, water, electricity, gas and other fuels (10 per cent), transport (8.7 per cent) and recreation, sport and culture (7.5 per cent) were the key drivers of non-food inflation in September.

Regional differentials

On the regional level, year-on-year inflation ranged from just under 4 per cent for the Eastern Region to 11.8 per cent in Greater Accra.

Four regions (Greater Accra, Central, Upper West and Volta) recorded inflation above the national average (7.6 per cent).

The Eastern Region recorded the lowest rate ‒ 3.8 per cent.

August inflation

The inflation rate for August 2019 was 7.8 per cent.

This was recorded after the Ghana Statistical Service rebased the reference period (ie, changed the reference period for calculating the inflation rate) to 2018 from 2012.

Addressing inflation for August at a press conference, Professor Annim explained that there were 307 items in the new basket used to calculate the consumer price index, compared with the 267 in the old basket.

“The new series has taken into account changes in consumption pattern over time,” he said.

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