Inflation rate for May 2019 drops to 9.4 percent

The inflation rate for May 2019 declined to 9.4 percent from the 9.5 percent recorded in April 2019.

A Ghanaian market

This is a decrease by 0.1 percentage point.

The Deputy Government Statistician, David Kombat said that the price drivers for last month’s rate were food and non-food items.

In an interview with Accra-based Citi FM, Mr Kombat explained that “the inflation rate of 9.4% means that if you bought a particular quantity of vegetable or an item for GHC 100 in May 2018, you would have to pay GHC 109.40 for the same quantity in 2019.”

He also explained that the Ghana Statistical Service (GSS) is working tirelessly to ensure it begins reporting inflation figures for the newly created regions.

“At the regional level, the year-on-year inflation rate ranged from 8.0 percent in the Upper East Region to 11.1 percent in the Upper West region. Three regions (Upper West, Brong Ahafo, Western and Ashanti) recorded inflation rates above the national average rate.”

The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 6.7 percent. This is a 0.6 percentage point lower than the 7.3 percent recorded in April 2019. Meanwhile, 5ive subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 6.7 percent.

The subgroups were Coffee, tea and cocoa (15.1%), Fruits (10.9%), Vegetables (8.4%), mineral water, soft drinks fruits and vegetable juice (8.0%) and meat and meat products (7.3%).

Meanwhile, the non-food group recorded a year-on-year inflation rate of 10.6 percent in May 2019. This is a 0.2% increase compared to the 10.4% recorded for April 2019.

Five subgroups of the non-food group recorded year-on-year inflation rates higher than the group’s average rate of 10.6%.

These are the Clothing and footwear (15.0%), Recreation and Culture (15.0%), Furnishing, Household Equipment and Routine Maintenance (14.5%) and Transport (12.5%). Inflation was lowest in Communications (6.1%).

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