WASHINGTON: The year-on-year inflation rate for the last month of the year 2016 December was 15.4%, compared with the 15.5% recorded in November 2016. This represents a 0.1% down from the 15.5 percent recorded in November last year. According to data from the Ghana Statistical Services, the monthly change rate in December 2016 was 0.9% while that for November 2016 was 0.8%. This figure represents the lowest figure since July 2014 where the inflation recorded was 15.3%.
The year-on-year non-food inflation rate for December 2016 was 18.2% compared with the 18.7% recorded in November 2016 while the food inflation rate for December 2016 was 9.7% year-on-year, compared with 9.3% recorded in November 2016. Meanwhile, the year-on-year non-food inflation rate was 18.2% which is more than one and half times that of the food inflation rate of 9.7%. The main “price drivers” for the non-food inflation rate were Transport (27.2%), Education (23.4%), Recreation and culture (20.3%), Housing, water, electricity, gas and other fuels (20.2%), Furnishings, household equipment and routine maintenance (18.8%) and Health (18.5%).
In December 2016, the year-on-year inflation rate for imported items (15.7%) was 0.5 percentage point higher than that of locally produced items (15.2%). The “price drivers” for the food inflation rate were Meat and meat products (15.0%), Coffee, tea and cocoa (14.0%), Fish and seafood (13.9%), Mineral water, soft drinks, fruit and vegetable juices (12.2%), Sugar, jam, honey, chocolate and confectionery (12.0%). Three regions (Greater Accra, Brong Ahafo and Ashanti) recorded inflation rates higher than the national average of 15.4%. The Greater Accra Region recorded the highest year-on-year inflation rate of 18.2%, followed by the Ashanti and Brong Ahafo regions with 15.5% while the Volta and Northern regions recorded the lowest (13.0%).
