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Inflation Inches Up To 9.4%

THE YEAR-on-year inflation rate as measured by the consumer price index (CPI) was 9.4% in July 2019, representing a 0.3 percentage point from the 9.1% recorded in June 2019.

The monthly change rate for July 2019 was 0.6% compared with the 0.8% recorded for June 2019.

A deputy Government Statistician, David Yenukwat Kombat,  who disclosed these at a press conference recently, said the food inflation rate for July 2019 was 6.6% (compared with 6.5% recorded in June 2019), while the non-food inflation rate for July 2019 was 10.7% (compared with 10.3% recorded in June 2019).

The housing, water and utilities sub-group was the largest upward contributor (3.0%) to the rate of inflation in July 2019 for the non-food group.

The inflation rate for imported items was 11.3% in July 2019 (compared to  11.2% recorded in June 2019). The inflation rate for locally produced items was 8.2% in July 2019 (compared to 8.6% recorded in June 2019).

Four sub-groups recorded year-on-year inflation rates higher than the group’s average rate of 10.7%. Clothing and footwear recorded the highest inflation rate of 14.9%, followed by recreation and culture 14.8%, furnishings, household equipment and routine maintenance with 14.6% and miscellaneous goods and services (11.2%). Inflation was lowest in the educational sub-sector with (6.4%).

At the regional level, the year-on-year inflation rate ranged from 8.5% for Upper East Region to 11.1% for Upper West Region.

Five regions (Upper West, Brong Ahafo, Volta, Western and Ashanti) recorded inflation rates above the national average (9.4%). Volta/Ashanti regions and Northern/Eastern regions recorded the same inflation rate of 9.5% and 9.0% respectively.