Inflation Records 11.5%

Mallam Atta market

The annual (year-on-year) inflation rate for August 2013 was 11.5 percent down from 10.8 per cent recorded in July 2013.

The monthly change rate was -0.7 percent for August 2013 compared to 1.3 percent for July 2013.

Baah Wadie, Head of Research at Ghana Statistical Service (GSS), presenting the inflation rate for August, this year in Accra yesterday, said the food inflation rate for August 2013 was 7.9 percent compared to 7.3 per cent recorded in July 2013 while the non-food inflation rate for August 2013 was 14.2 percent.

'Inflation rate for local food products (6.0 percent) was about one and half times lower than that of imported food products (9.0 percent).'

Western Region recorded the highest inflation rate in August 2013. Seven commodity groups recorded inflation rates above the regional average of 15.1 percent. Greater Accra Region again recorded the highest food inflation rate (9.1 percent) in August 2013.

Six food commodity groups recorded inflation rates above the regional average of 12.6 percent.

Volta Region recorded the highest non-food inflation rate (15.6 percent) in August 2013. Ten non-food commodity groups recorded inflation rates above the regional average of 10.7 percent.

The year-on-year non-food inflation rate
was 14.2 percent. The rate for July 2013 was 15.4 percent. Also the year-on-year food inflation rate was 7.9 percent, up from 7.3 percent recorded for July 2013.

Mr Wadie stated that the 'price drivers' for the non-food inflation rate were miscellaneous goods and services, which recorded  17.2 percent; clothing and footwear (16.7 percent); transport (16.6  percent); furnishing, household equipment and routine maintenance (16.5 percent) and housing, water, electricity and other utilities (15.9 percent).

The 'price drivers' for the food inflation, he said, were fish and sea foods (10.7 percent), fruits (10.6 percent) and plantain, tubers & other vegetables (8.2).

Western Region recorded the highest inflation rate of 15.1 percent while Upper East region recorded the lowest rate of 3.4 percent.

By Samuel Boadi