The inflation rate for June 2016 declined marginally by 0.5 percent; going down from 18.9 percent to 18.4 percent.

The 0.5 percent decrease in consumer inflation suggests prices of consumer goods and services were fairly stable in June this year.

Government Statistician, Dr. Philomena Nyarko attributed the decrease to a base drift effect from imports and the stability of the cedi against the major trading currencies.

The Consumer Price Index (CPI) measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2012, the base year, which has an index of 100.

Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.6 percent with some of the main prices being on vegetables, oil and fats, and meat products.

Non-food group recorded a year-on-year inflation rate of 24.1 percent with main drivers coming from items such as transport, utilities, gas and other fuel products.

“The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.6 percent. This is 0.1 percentage point higher than the 8.5 percent recorded in May 2016. Six subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 8.6 percent.”

The monthly change rate for June 2016 was 1.3 percent compared to the 1.1 percent recorded for May 2016.

Source: 3news.com | Ghana