INFLATION RATE DROPS FROM 12.6% TO 12.1%

The average change in prices of goods and services, measured by inflation, dropped to 12.1% in June this year. The rate was 12.6% in May and the decline in the June figure was due to corresponding declines in the food and non-food inflation baskets.

The acting Government Statistician, Mr. Baah Wadieh, said the decline was the outcome of a drop in the combined effect of the food and non-food inflation rate within the period.

The year-on-year food inflation rate for June 2017 was 6.2% compared with the 6.3% recorded in May 2017.

The year-on-year non-food inflation rate was: (15.1%)

The year-on-year food inflation rate was: (6.2%)

The year-on-year inflation rate for imported items was (14.1%)

The year-on-year inflation rate for locally produced items (11.2%)

The main price drivers for the non-food inflation rate were:

Transport and Logistics: (23.1%)

Recreation and culture: (20.8%)

Furnishings, equipment maintenance: (20.6%)

Clothing and footwear: (16.6%)

Other goods and services: (15.4%)

Health: (14.3%)

Drivers for the food inflation rate: Fish and sea foods: (12.7%)                                                                                                                                           Meat products: (9.5%)

Five regions (Greater Accra, Upper West, Ashanti, Brong Ahafo and Western) recorded inflation rates higher than the national average.

The highest inflation rates recorded were: Upper West Region: (13.1%)                                                                                                                                         Greater Accra: (13.0%)

The lowest inflation rate recorded was: Upper East Region: (8.6%)