Business

Inflation for June hits 10%


Inflation for the month of June 2018 increased to 10 percent.

This represented a 0.1 percentage increase compared to the 9.8 percent recorded in May 2018.

According to the government Statistician Mr. Baah Wadieh, the increase was as a result of the rise in inflation of non-food items such as transportation and clothing as well as  footwear.

The Consumer Price Inflation (CPI) measures the average change over time in the general prices of goods and services. It shows the rate at which prices increase over a period of time.

“The rise in inflation for the month of June was due to the rise in inflation of non-food items�, Mr. Wadieh stressed.

He added, “Clothing and footwear recorded the highest inflation rate of 16.1 percent, followed by Transport with 15.5 percent, and with these subsectors being in high demand and leading in inflation with the non-food items, it affected overall inflation�.

Food and non-food inflation

The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 7.3 per cent.

This was 0.3 percentage point lower than the rate recorded in May 2018.

The non-food group recorded a year-on-year inflation rate of 11.2% in June 2018, compared to the 10.9 per cent recorded for May 2018.

Five subgroups recorded year-on-year inflation rates higher than the group’s average rate of 11.2%.

Related coverage: Inflation Targeting 

Clothing and footwear recorded the highest inflation rate of 16.1% followed by Transport with 15.5%, Recreational and culture recorded 13.8%, furnishings, household equipment and routine maintenance recorded 13.3% and Miscellaneous goods and services with 12.7%.
Inflation was lowest in the Housing, Water, Electricity, Gas and other fuel subgroups, recording 3.4%.

Regional breakdown

Four regions namely,  Brong Ahafo, Upper West, Western and Ashanti recorded inflation rates higher than the national average of 10%.

Upper West region recorded the highest inflation rate of 11.9% followed by the Brong Ahafo region with 10.9% while the Upper East region recorded the lowest inflation of 8.1%

By: Anita Arthur/citibusinessnewscom/Ghana

 

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