Inflation Falls To 9.5%

The year-on-year inflation rate for October 2018 was 9.5 percent compared with 9.8 percent recorded in September 2018.

The monthly change rate in October 2018 was 0.7 percent compared with 0.0 percent recorded in September 2018.

The year-on-year non-food inflation rate for October 2018 was 9.8 percent compared with the rate of 10.3 percent recorded in September 2018.

The year-on-year food inflation rate for October 2018 was 8.9 percent compared with 8.7 percent recorded in September 2018.

The year-on-year non-food inflation rate (9.8 percent) is 0.9 percentage point higher than the food inflation rate (8.9 percent).

In October 2018, the year-on-year inflation rate for imported items (11.1 percent) was 2.3 percentage points higher than that of locally produced items (8.8 percent).

The main “price drivers” for the non-food inflation rate were transport (13.9 percent), clothing and footwear (13.4 percent), recreation and culture (12.7 percent) and furnishing, household equipment and routine maintenance (11.9 percent).

The “price drivers” for the food inflation rate were coffee, tea and cocoa (13.1 percent), fruits (11.4 percent), food and food products n.e.c. (10.5 percent), mineral water, soft drinks, fruit and vegetable juices (10.4 percent), meat and meat products (10.1 percent) and Vegetables (9.6 percent).

Five regions (Upper West, Brong Ahafo, Western, Northern and Ashanti) recorded inflation rates above the national average rate of 9.5 percent.

Upper West Region recorded the highest year-on-year inflation rate of 11.6 percent, followed by Brong Ahafo Region (10.4 percent), while the Upper East Region recorded the lowest year-on-year inflation rate (8.3 percent) in October 2018.

The October 2018 rate of 9.5 percent is the lowest since January 2013.

Source: Daily Guide