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Ghana records lowest inflation since 2012

Business & Economy

Ghana's annual inflation rate dropped in April of 2018 from 10.4 percent in the previous month, with the country recording the lowest inflation rate since December of 2012.

Ghana's annual inflation rate dropped in April of 2018 from 10.4 percent in the previous month, with the country recording the lowest inflation rate since December of 2012.

 

It was mostly due to housing, utilities and transport.

Baah Wadieh, acting Government Statistician, yesterday disclosed to a section of the media that inflation decelerated to 9.6 percent from a year earlier. It was the first time the rate had been within the Bank of Ghana’s target range of 6 per cent to 10 per cent in four years.

According to the Statistical Service, on a monthly basis, consumer prices rose 0.9 percent, easing from a 1.1 percent increase in March.

The Service explains that inflation rate in Ghana averaged 16.78 percent from 1998 until 2018, reaching an all time high of 63 percent in March of 200.

Year-on-year, prices slowed for housing and utilities (3.9 percent compared to 7.3 percent in March, this year); 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).

On a monthly basis, consumer prices edged up 0.9 percent, easing from a 1.1 percent gain in March.

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