Inflation for the month of October, 2017 decreased from September’s 12.2 percent to 11.6 percent.
This represents a fall by 0.6 percentage point.
This rate of inflation for October, 2017 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period from October 2016 to October 2017. According to the Ghana Statistical Service, the monthly change rate for October 2017 was 0.9 percent compared to that from October 2016 to October 2017.
The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.2 percent. This is 0.1 percentage point higher than the rate recorded in September 2017. One sub-group of the food and non-alcoholic beverages group recorded an inflation rate higher than the group’s average rate of 8.2 percent.
The non-food group recorded a year-on-year inflation rate of 13.2 percent in October 2017, compared to the 14.1 percent recorded for September 2017. Five sub-groups recorded year-on-year inflation rates higher than the group’s average rate of 13.2 percent.
Transport recorded the highest inflation rate of 18.5 percent, followed by clothing and footwear with 17.1 percent; recreation and culture with 16.8 percent; miscellaneous goods and services with 14.5 percent; and furnishings, household equipment and routine maintenance with 14.4 percent. Inflation was lowest in the health subgroup (4.8%).
Greater Accra and Western regions recorded the highest regional combined inflation rate (12.3%).
Transport, Clothing and Footwear, Miscellaneous Goods and Services, Furnishings, Household Equipment and Routine Maintenance, Education, Hotels, Cafes and Restaurants and Recreation and Culture were responsible for the high inflation in the two regions.
Upper West region recorded the highest regional non-food inflation rate (14.8%) due to Transport, Clothing and Footwear and Miscellaneous Goods and Services. Western region recorded the highest food inflation rate (10.9%) due to Fish and Sea food products and Cereals and cereals products.