Inflation Declines To 13.3%

The year-on-year inflation rate for January, this year was 13.3 percent compared to 15.4 percent recorded in December 2016.

The monthly change rate in January 2017 was 2.8 percent while that for December 2016 was 0.9 percent.

The year-on-year non-food inflation rate for January 2017 was 16.6 percent compared to the 18.2 percent recorded in December 2016.

The year-on-year food inflation rate for January 2017 was 7.0 percent compared to 9.7 percent recorded in December 2016.

The year-on-year non-food inflation rate (16.6 percent) is more than two times that of the food inflation rate (7.0 percent).

In January 2017, the year-on-year inflation rate for imported items (15.4 percent) was 2.9 percentage points higher than that of locally produced items (12.5 percent).

The main “price drivers” for the non-food inflation rate were Education (25.1 percent), Transport (24.6 percent), Recreation and culture (24.4 percent), Furnishings, household equipment and routine maintenance (22.1 percent), Health (18.2 percent) and Clothing and footwear (18.0 percent).

Also, the “price drivers” for the food inflation rate were Fish and sea food (13.6 percent), Meat and meat products (11.6 percent), Mineral water, soft drinks, fruit and vegetable juices (9.0 percent) and Coffee and tea and cocoa (7.8 percent).

Five regions – Upper West, Greater Accra, Ashanti, Western and Brong Ahafo – recorded inflation rates higher than the national average of 13.3 percent.

The Upper West Region recorded the highest year-on-year inflation rate of 14.0 percent followed by the Greater Accra Region with 13.9 percent while the Volta Region recorded the lowest (11.6 percent).

The January 2017 rate of 13.3 percent is the lowest since December 2013.

By Samuel Boadi
[email protected]