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Inflation For December 2018 Records 9.4%

Inflation For December 2018 Records 9.4%

The year 2018 ended with a slight increase in inflation rate to 9.4% for the month of December compared with 9.3% in November 2018. The monthly change rate in December 2018 was 1.1 per cent as against 0.7 per cent in November 2018.

According to the Acting Government Statistician, David Kombat, the slight hike in inflation for December can be attributed to the marginal hike in transport fares and spare parts.

“If you look at the Upper West Region, for example, we see that consistently when there is a change in fuel price or not, the inflation rate for transport is always the cause of the increase in their rates. The cost of Spare parts has also had a trickling down effect on the overall year - on - year inflation rate,” he stated.

The price drivers for the food inflation rate were Coffee, tea and cocoa (13.5 per cent), Fruits (11.4 per cent), Meat products (10.9 per cent) and Mineral water, soft drinks, fruit and vegetable juices (9.2 per cent).

Meanwhile, five regions (Upper West, Being Ahafo, Western, Ashanti and Northern) recorded inflation rates above the national average of 9.4 per cent.

The Upper West region recorded the highest year-on-year inflation rate of 11.4%, followed by the Brong Ahafo region, while the Upper East region recorded the lowest year-on-year inflation rate of 7.5% in December 2018.

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.

It is measured in two ways which include annual and monthly. Monthly change rate measures the change in the average price level between the current month and the previous month whiles the annual rate is the measure of a twelve month period.

Source: JoyBusiness

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