Inflation rate Records 9.1 per cent for the Month of June

The Inflation rate has declined from 9.4 per cent in May 2019 to 9.1 per cent for June 2019. Monthly inflation change in June 2019 was 0.8 per cent.

The Deputy Government Statistician, Mrs. Araba Forson, disclosed this at a news conference on Wednesday in Accra, stating that the year –on–year non-food inflation rate for June 2019 was 10.3 per cent as compared to the food inflation which was 6.5 per cent representing a 3.8 per cent increase.

She noted that the main price drivers for the non-food inflation rate were clothing and footwear with 15.2 per cent, recreation and culture with 15.0 per cent, furnishing, household equipment and routine maintenance 1.6 per cent while miscellaneous goods and services recorded 11.3 per cent.

According to Mrs. Forson, coffee, tea and cocoa topped the price drivers for the food inflation rate at 18.0 per cent, followed by fruits 10.7 per cent, vegetables 8.2 per cent, meat and meat products 8.1 per cent, mineral water, soft drinks and vegetable juice recording 7.2 per cent.

For the regional performance, Upper West region recorded the highest combined inflation rate of 11.1 per cent in June 2019.

The Ashanti region recorded the highest food inflation rate of 7.0 per cent in June 2019 with coffee, tea and cocoa sub-group recording the highest inflation rate of 19.2 per cent.

Touching on the factors that contributed to the fall in the rate of inflation, Mrs. Forson explained that the major ones were; favorable weather pattern and condition, the government policy on planting for food and jobs, exchange rate stability and the harvest season. “In any given month, the figure is determined by the balance between upward and downward price movements of the range of goods and services included in the index,” she said.

Source: ISD (Chantal Aidoo and David Gomado)


Created: 11 July 2019
Hits: 555