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Ghana: Inflation rate dropped by 13% to 12.6%

Ghana’s inflation dropped to 12.6 percent in May 2017. This is 0.4 percent down from the 13 percent recorded in April 2017.

The inflation measures the change over time in the general price level of goods and services that households acquire for the purposes of consumption.

The Acting Government Statistician, Baah Wadieh explained that the marginal decline in the prices of fuel accounted for the drop in inflation between April and May.

“There was a general decline in prices for almost all the major subgroups. A significant driver is the price of fuel which recorded a slight decline in price and inflation and that might have triggered so many of the groups to reduce the inflation rate,” he remarked.

According to the Ghana Statistical Service, the food inflation for May 2017 comprising categories such as cereals, vegetables, fish and meat was 6.3 percent. Also, the inflation for non-food categories such as transport, education and health was 15.8 percent; down from the 16.3 percent recorded in April.

“The drivers are mainly transport, recreation and culture, furnishings, household equipment and routine maintenance, clothing and maintenance and miscellaneous goods and services,” Mr. Wadieh added.

Across the regions, the Greater Accra region recorded the highest inflation of 13.6 percent while the Upper East region recorded the lowest inflation of 9.1 percent.

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