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15.11.2008 Business & Finance

Inflation drops again in October

By GNA

The annual inflation rate fell to 17.30 per cent in October down from 17.89 percent a month earlier, Dr Grace Bediako, Government Statistician said on Friday.

This is the fourth consecutive monthly drop since inflation went up to a high of 18.41 percent in June.

The month-to-month change, which is the change in the CPI from previous month to the current month, recorded a rate of -0.67 percent in October.

The main reason for the fall is good harvest and falling prices of food items, mostly in the rural areas.

Dr Bediako said the level of inflation in 2008 continues to be higher for the non-food group than the food group and higher in the rural areas than in the urban areas.

The contribution of the non-food and food groups in October stood at 10.43 and 6.87 percentage points respectively.

In the non-food group the contributions of hotels, caf├ęs and restaurants; clothing and footwear; and housing, utilities sub-groups were highest in price change, contributing more than one percentage point to the annual rate of inflation.

Fish, bread and cereals sub-groups continue to contribute the largest to price change in the food group.

Inflation rates recorded in the regions range from 24.18 percent in the Northern region to 13.22 percent in Ashanti.

Six regions recorded inflation rates above the national rate of 17.30 points.

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