Inflation Drops To 17.3%

Year�on-year inflation rate for August 2015 as measured by the Consumer Price Index (CPI) recorded 17.3 percent compared to 17.9 percent in July 2015. The monthly change rate for August 2015 was -0.7 percent compared to one percent recorded in May 2015. According to Dr Philomena Nyarko, Government Statistician, who presented the inflation figures to the media in Accra on Wednesday, while the year-on-year non-food inflation rate recorded 23.4 percent compared to 24.6 percent in July 2015, that of food inflation rate was 7.7 percent compared to 7.6 percent in July 2015. Inflation rate for imported items was 18.1 in August compared to 21.2 percent recorded in July while that of locally produced items was 17 percent � same as the rate recorded in July 2015. �The inflation rate for imported items in August 2015 was 1.1 percentage points higher than that of locally produced items,� Dr. Nyarko stated. She said the main price drivers for the non-food inflation rate were recreation and culture, education, transport, clothing and footwear, furnishing, household equipment and routine maintenance, housing, water, electricity, gas and other fuels. Recreation and culture recorded the highest rate of 25.8 percent followed by education which recorded 25.6 percent, while transport registered 25.3 percent and clothing and footwear registered 25.1 percent. Furnishing, household equipment and routine maintenance recorded 24.9 percent, with housing, water, electricity, gas and other fuels recording 23.5 percent. In food inflation, the main price drivers were mineral water, soft drink, fruit and vegetable juices (13.5 percent); coffee, tea and cocoa (12.9 percent) ; sugar, jam, honey, chocolate and confectionery (11.7 percent); food products (11.4 percent) ; meat and meat products (11.2 percent) ; vegetables (10.9 percent); milk cheese and eggs (10.0 percent). At the region level, Ashanti region recorded the highest inflation of 18.9 percent; Greater Accra Region, (18.0 percent), Central Region, (17.7 percent), Upper West Region, (17.3 percent), Brong Ahafo Region, (17.2 percent), Volta Region had (17.1 percent) while Northern Region recorded the lowest (13.8 percent).