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16.10.2007 General News

Monthly Inflation Down To 10.2 Percent

By ISD (Tony Goodman)

The Acting Government Statistician, Prof. Nicholas Nsowah-Nuamah, last Friday announced in Accra, that the non-food category of the Consumer Price Index (CPI) has contributed to a downward movement in inflation from 10.4 percent in August to 10.2 percent, last month.

He noted that the food and beverages group contributed -1.37 points to the change in the national index whilst the non- food groups contributed 0.87 points. 'With the food and beverages group, the vegetables which included potatoes and other vegetables group contributed the highest of -1.80 points to the change in the national index with yam, plantain and cassava to contribute to -0.67, -0.48, and -0.24points respectively.

The Acting Government Statistician was speaking to journalists on the monthly release of the inflation figures.

'The fish group also contributed negatively to the national index by -0.38 points with dried fish and smoked herrings contributing -0.37 and -0.20 points respectively,' he said

Within the non-food group, he added that hotels, cafes and restaurants group contributed the highest, which is 0.58 points followed by transport group, 0.38 points. 'The education and communication groups did not contribute and anything to the change in the national index,' he observed.

He, however, pointed out that meat group contributed positively to the change in national index by 0.27, adding that oils and fats group, as well as the milk, cheese and eggs group contributed 0.23 points and 0.10points respectively to the change in the national index.

Speaking to this reporter, Prof Nsowa-Nuamah said the reason why the non-food contributed to the downward shift in inflation is because, it has lots of weight in the CPI basket, saying that 'this is the Month for non-food items which are bread, cereals, vegetables, among others, that is why we are seeing this change,' he added.

'Although the floods in the three Northern regions affected the lives of the people over there, it did not affect inflation in the country,' he said.

On the Regional Analysis, Eastern Region recorded the highest rate of 13.5% with Western recording the lowest of 7.8 percent, Central Region 10.8 percent, Greater Region 11.1 percent, Volta 9.9, Ashanti 9.0, Brong Ahafo 8.9 percent, Northern 9.4 percent and both Upper Regions recorded 13.1 percent.