Inflation On The Decline

Last month’s (August) inflation rate has dropped marginally to 9.44 percent as against last month’s (July) figure of 9.46 percent, the Ghana Statistical Service (GSS) has announced. The rate of decline is 0.02 percent point lower than the July 2010 rate of 9.46 percent. Briefing the media in Accra, the Director, Economics and Industry Statistics Division of GSS, Mr. Ebo Duncan, said the rate of inflation continues to fall since July 2009 with the largest decline in April 2010 representing 1.66 percent. He pointed out that the downward trend in the inflation rate is attributed to both food and alcoholic beverage group and the non-food group. Mr. Duncan noted that the food and non-alcoholic beverages recorded single digit inflation since January 2010 with a decline from 9.08 percent to 5.33 percent in August this year. The Consumer Price Index (CPI), he said, registered a decline of 2.48 points lower than that of July 2010, giving a monthly change of -0.71 percent. On the regional inflation rate, he pointed out that Greater Accra Region recorded the highest rate representing 14.54 percent, with the Central Region recording the least of 6.63 percent, adding that five regions, including the Western and Volta Regions having inflation rates below the national rate of 9.44 percent. The food and non-alcoholic beverages, including sugar and soft drinks, contributed to a drop of 27.25 percent to inflation figures whilst the non-food, including housing, transport and electricity, recorded an upwards adjustment to the august inflation figures of 72.75 percent.