Ghana’s Inflation Rate Drops To A Record 9.6%

Inflation rate for April 2018 dropped to a record 9.6 percent from 10.4 percent in the previous month.

It is the lowest inflation rate since December of 2012, mostly due to housing and utilities and transport, the Ghana Statistical Service announced Wednesday.

A deputy information minister Kojo Oppong Nkrumah in a Facebook post said: “No 1 task of govt is to get the Macro stable. From 15% in Dec 2016, inflation is now at 9.6%. First time in Over 5yrs. The focus now is to Keep it as lower single digit as prudent and to stimulate the growth and jobs we intend alongside this. #keepfocused.”

According to the Statistical Service, prices slowed for housing and utilities (3.9 percent compared to 7.3 percent in March); transport (9.5 percent compared to 18.4 percent) and communication (8.0 percent compared to 8.2 percent).

In contrast, cost increased faster for food and non-alcholic beverages (7.4 percent compared to 7.3 percent), mainly milk, chesse and eggs (5.8 percent compared to 5.7 percent), fish and sea food (7.0 percent compared to 6.7 percent) and oils and fats (7.3 percent compared to 6.7 percent).

Also, prices rose further for clothing and footwear (17.2 percent compared to 16.4 percent); miscellaneous goods and services (12.3 percent compared to 12.0 percent); restaurants and hotels (7.5 percent compared to 7.2 percent) and furnishings and household equipment (13.0 percent compared to 11.9 percent).

Additionally, prices continued to rise for education (8.6 percent compared to 6.7 percent); recreation and culture (13.6 percent compared to 12.6 percent); health (7.6 percent compared to 7.3 percent) and alcoholic beverages, tobacco and narcotics (9.5 percent compared to 8.9 percent).

Source:Starrfmonline.com