Inflation for May is 18.9%

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    Inflation increased in the month of May 2016 to 18.9 per cent as compared to 18.7 per cent recorded in the previous month of April, Government Statistician Dr Philomina Nyarko has disclosed.

    Dr Nyarko, who revealed this at a press conference in Accra on Wednesday June 15, noted that the year-on-year non-food inflation rate for May 2016 was 25.0 per cent compared with the 24.8 per cent in April the same year, which showed an almost triple increment in relation to that of the food inflation rate of 8.5 per cent.

    The year-on-year food inflation rate for April 2016 was 8.4 per cent.

    Year-on-year inflation rate for locally produced items was 19.0 per cent, 0.5 per cent points higher than that of the imported items, which stand at 18.5 per cent for May 2016.

    Dr Nyarko also indicated that the main factors that affected the price of goods and services for the non-food inflation rate were transport (40.9%), housing, water, electricity, gas and other fuels (35.7%), education (32.3%), while recreation and culture accounted for 27.9%.

    For the food inflation rate, she explained that: “The price drivers were vegetables (11.6%), oils and fats (11.2%), fruits (10.3%), mineral water, soft drinks, fruit and vegetable juices (9.9%), coffee, tea and cocoa (8.9%), and meat and meat products (8.8%).

    From the latest figures of the Ghana Statistical Service, the Greater Accra Region and the Ashanti Region recorded inflation rates that were higher than the national average of 18.9 per cent.

    “The Greater Accra Region recorded the highest year-on-year inflation rate of 22.6 per cent, followed by the Ashanti Region with 20.8 per cent, while the Upper East Region had the lowest (15.0%).

    Source: ClassFMonline

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