Ghana’s inflation rate declined marginally during the month of October , bringing the new year-on-year average to 11.6%.
The year-on-year inflation rate as of September 2017 stood at 12.2% representing significant improvement in the country’s macro-economic outlook.
Making this disclosure in Accra on Wednesday 8th November, 2017 – Acting Government Statistician, Baah Wadieh stated: “In October 2017, the year-on-year inflation rate was 11.6% as compared with 12.2% recorded in September”.
He added that the monthly change rate for the October was 0.9% against 0.0% recorded in the previous month.
Details of the year-on-year inflation rates for some commodities for October were as follows:
Non-food inflation rate: 13.2% (14.1% in September)
Food inflation rate: 8.2% (8.1% in September)
The main drivers of the non-food inflation rate were transport with – 18.5; clothing & foot wares - 17.5; recreation & culture - 16.8%, miscellaneous goods & services – 14.5% as well as; furniture, housing, equipment & routine maintenance – 14.4%.
The main drivers for the food inflation rate were fish and seafood with a year-on-year inflation rate of 16.1%.
On an additional highlight in the new inflation document revealed that Greater Accra witnessed the year-on-year inflation rate of 12.3% among the Ghana’s ten regions.
The decline in the country’s inflation rate serves as a boost to the government’s morale in the implementation of its fiscal and monetary policies in achieve macroeconomic stability & growth as well as, raises the confidence of investors in the Ghanaian economy.