Prime News Ghana

Inflation falls to 13.3% in January 2017

By Sam Edem
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Source: Business & Financial Times Ghana

Ghana’s inflation for January 2017, is currently pegged at 13.3 percent.  

The figure represents a drop of 2.1 percentage points from the 15.4 percent recorded in December 2016.

This is the fourth consecutive time that inflation has dropped since October 2016.

The monthly change rate for January 2017 was 2.8 percent compared to the 0.9 percent recorded for December 2016.

This rate of inflation for January 2017 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from January 2016 to January 2017.

The main “price drivers” for the non-food group recorded a year-on-year inflation rate of 16.6 percent in January 2017, compared to the 18.2 percent recorded for December 2016. Six subgroups recorded year-on-year inflation rates higher than the group’s average rate of 16.6 percent.

Education recorded the highest inflation rate of 25.1 percent, followed by Transport with 24.6 percent, Recreation and culture with 24.4 percent, Furnishings, household equipment and routine maintenance with 22.1 percent, Health with 18.2 percent and Clothing and footwear with 18.0 percent. Inflation was lowest in the Housing, water, electricity, gas and other fuels subgroup (4.4%).

Meanwhile at the regional level, the year-on-year inflation rate ranged from 11.6 percent in the Volta to 14.0 percent in the Upper West region.

Five regions (Upper West, Greater Accra, Ashanti, Western and Brong Ahafo) recorded inflation rates above the national average of 13.3 percent.

Speaking to the media, the acting government statistician, the Ghana Statistical Services Baah Wadie said. "the reduction in the index for January 2017 is a clear manifestation of the base rate effect, driven mainly by the higher utility price hikes that we saw in January of last year."

The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 7.0 percent. This is 2.7 percentage points lower than the rate recorded in December 2016.

Four subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 7.0 percent.

 

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