GHANA’S INFLATION RATE FALLS TO 13.3 PCT IN JANUARY

ACCRA, Ghana’s inflation rate for January 2017 fell to 13.3 per cent, down 2.1 percentage points from 15.4 per cent in December 2016 and the lowest since December 2013.

The month-on-month change in the inflation rate in January 2017 was 2.8 per cent after a 0.9 per cent drop recorded in December 2016, acting Government Statistician Baah Wadieh told a media briefing here Wednesday. He attributed the drop in inflation to lower non-food inflation and the base drift effect.

The year-on-year non-food inflation rate for January 2017 was 16.6 per cent compared with 18.2 per cent in December 2017. The main price drivers for the non-food inflation rate included transport, education, recreation and culture, housing, water, electricity, gas and other fuels.

The food group inflation rate stood at seven per cent with meat and meat products, coffee, tea and cocoa, fish and sea food, mineral water, chocolate and confectionary as the major contributors to the increase.

The year-on-year inflation rate for imported items was 15.4 per cent in January 2017, 2.9 percentage points higher than the rate for locally produced items of 12.5 per cent.

Source: NAM NEWS NETWORK