May inflation 9.8%

The inflation rate has increased from the 9.6 per cent recorded in April 2018 to 9.8 per cent for May 2018, Government Statistician Baah Wadieh, has announced.

The May figure is the second-lowest since January 2013. The first was in April 2018, according to Mr Wadieh.

Speaking at a press conference on Wednesday, 13 June in Accra, Mr Wadieh explained that two main components, food and non-food, accounted for the upward trend in the inflation rate.

“The rate of inflation has two main components: Food inflation and Non-food inflation,” he said, adding that: “The food inflation rate for May 2018 was 7.6% (compared with 7.4% recorded in April 2018). The non-food inflation rate for May 2018 was 10.9% (compared with 10.6% recorded in April 2018).”

He added that the main “price drivers” for the non-food inflation rate were clothing and footwear (17.2%), recreation and culture (14.2%), furnishing, household equipment and routine maintenance (14.0%) and miscellaneous goods and services (12.8%)

The “price drivers” for the food inflation rate were Coffee, tea and cocoa (10.8%), Fruits (9.9%), Mineral water, soft drinks, fruit and vegetable juices (9.3%), Food products n.e.c (9.3%) Meat and meat products (9.1%), Vegetables (8.1%) and Oils and fats (8.0%).

Five regions (Upper West, Brong Ahafo, Northern, Western and Ashanti) recorded inflation rates higher than the national average of 9.8%. Upper West region recorded the highest year-on-year inflation rate of 12.0%, followed by Brong Ahafo region (11.0%), while the Upper East region recorded the lowest year-on-year inflation (8.4%) in May 2018.

Source: Ghana/ClassFMonline.com