Inflation for June Hits 10%

Inflation rate for June is 10 per cent, up from the 9.8 per cent recorded in May 2018, the Ghana Statistical Service, has announced.

The 10 per cent in June 2018 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from June 2017 to June 2018.

The monthly change rate for June 2018 was 1 percent same as the rate recorded in May 2018.

The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 7.3 percent. This is 0.3 percentage point lower than the 7.6 percent recorded in May 2018. Six subgroups of the food and non-alcoholic beverages group recorded an inflation rate higher than the group’s average rate of 7.3 percent. The subgroups were Coffee, tea and cocoa (10.3%), Fruits (9.6%), Meat and meat products (8.7%), Mineral water, soft drinks, fruit and vegetable juices (8.4%), Vegetables (8.3)% and Food products (7.7%).

The non-food group recorded a year-on-year inflation rate of 11.2 percent in June 2018, compared to the rate of 10.9 percent recorded in May 2018. Five subgroups of the non-food group recorded year-on-year inflation rates higher than the group’s average rate of 11.2 percent. Clothing and footwear (16.1%), Transport (15.5%), Recreation and Culture (13.8%), Furnishing, Household Equipment and Routine Maintenance (13.3%) and Miscellaneous goods and services (12.7%). Inflation was lowest in the Housing, Water, Electricity, Gas and Others Fuels subgroup (3.4%).

At the regional level, the year-on-year inflation rate ranged from 8.1 percent in the Upper East Region to 11.9 percent in Upper West region. Four regions (Upper West, Brong Ahafo, Western and Ashanti) recorded inflation rates above the national average of 10 percent and Northern region recorded the same inflation rate as the national average of 10 percent.

Source : ClassFMonline