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10.07.2019 Business & Finance

Inflation Rate For June Sinks To 9.1%

By Charles Ayitey
Inflation Rate For June Sinks To 9.1%

Upper West Region recorded the highest general inflation of 11.1 per cent followed by the Brong Ahafo Region (10.6 per cent) while the Upper East region recorded the lowest year-on-year inflation rate of 8.3 per cent.

Within the non-food group, the transport sector was the highest and the only sector to record a fall in the inflation rate by 5.6 percentage points in June 2019.

This was due to base-drift effect caused by the 10 per cent upward adjustment in the price of transport fares in June 2018 which in-turn caused the Transport sector inflation rate rise by 5.1 per cent at that time as opposed to this year.

Factors contributing to the fall in the rate of inflation

Several factors contributors to the fall in the rate of inflation in June 2019.

According to the Ghana Statistical Service (GSS), the major ones include favourable weather patterns and conditions, government policy on planting for food and jobs, exchange rate stability beginning of the harvest season and others, in any given month, the figure is determined by the balance between the upward and downward price movements of the range of goods included in tax.