Ghana: Inflation Rate for September 2019 Drops to 7.6 Percent

press release

The year-on-year inflation rate as measured by the Consumer Price Index (CPI) for September 2019 dropped to 7.6 percent as compared to the 7.8 percent recorded in August 2019.

This was a result of the rise in the general price level of goods and services went down marginally by (-0.1) between August 2019 and September 2019.

This was disclosed by the Government Statistician, Prof Samuel Kobina Anim, at a news conference in Accra on Wednesday.

Prof. Anim attributed the rate largely to the rise in prices of two sub-groups; alcoholic beverages, tobacco and narcotics sub-group which recorded a rate of 12.2% and the housing, water, electricity gas and other fuels sub-group which recorded a rate 10.0%.

He disclosed that the food and non-alcohol beverages group recorded a year-on-year inflation rate of 8.5 percent which was 0.3 percentage points higher than the rate recorded in August 2019.

The Government Statistician stated that the drivers for food inflation were fruits and nuts (26.9%), coffee and coffee substitutes (15.3%), cocoa drinks (14.8%), fruit and vegetable juices (11.4%) and cereals and cereal products (9.9%).

He mentioned that year-on-year rate for the non-food group was a of 7.0 percent in September 2019, representing a 0.4 percentage points decrease from the 7.4 percent recorded in August 2019, adding that the key drivers for the inflation in this group were alcoholic beverages, tobacco and narcotics; housing water, electricity, gas and other fuels; transport (8.7%) and recreation, sports and culture (7.5%).

Touching on the regions, Prof. Anim said that four regions (the Volta, Upper West, Central and Greater Accra regions) recorded rates higher than the national average with Greater Accra recording the highest rate of 11.8 percent.

The remaining regions recorded rates below 7.6 percent with the Eastern region recording the lowest rate of 3.8 percent.

Prof. Anim said that the Upper West region was the driver for non-food inflation mainly due to the increased price levels in the region for alcoholic beverages, tobacco and narcotics (23.5%), housing water, electricity, gas and other fuels (14.2%) and restaurants and accommodation services (13.8%).

According to the Government Statistician, the inflation rate for locally produced items was 8.9 percent indicating a 1.0 percent increase from the rate recorded in August 2019 while imported items recorded a rate of 7.3 percent representing a slower increase of 0.3 percent from the rate recorded in August 2019.

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