Dr Philomena Nyarko – Acting Government Statistician
Year-on-year inflation fell to 9.2 percent for October 2012 from 9.4 percent recorded in September 2012, the Ghana Statistical Service (GSS) has noted in its latest report on the consumer price index (CPI).
The monthly change rate for October 2012 was -1.0 percent, meaning the general price level declined by 1.0 percent between September and October compared to a decline of 1.5 percent between August and September 2012.
The CPI measures changes over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2002, the base year, which has an index of 100.
The food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 4.1 percent, down from 4.4 percent recorded in September 2012. Eight sub groups of the food and non- alcoholic beverages group recorded inflation rates above the group’s average rate of 4.1 percent.
The non-food group recorded a year-on-year inflation rate 12.2 percent. Seven sub groups recorded year-on-year inflation rates above the group’s average rate.
Transport recorded the highest rate of 20.6 percent followed by alcoholic beverages, tobacco and narcotics with 16.1percent. Inflation was lowest in the communication subgroup at 0.2 percent.
At the regional level, the year-on-year inflation rate ranged from 6.6 percent in the Volta region to 11.0 percent in the Central region. Four regions (Central, Greater Accra, Northern and Ashanti) recorded inflation rates above the national average of 9.2 percent.
The next release is slated for December 12, 2012.
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