October inflation remained at 17.4%
Inflation rate for the month of October 2015 stood at 17.4 per cent. It is the same rate recorded in the previous month; September 2015.
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The monthly change rate was however 2.7 per cent for October, compared to the -0.1 per cent recorded last month.
Inflation, which is measured by the Consumer Price Index (CPI), looks at the change over time in the general price level of goods and services that households acquire for the purpose of consumption.
At a press conference in Accra, the Government Statistician, Dr Philomena Nyarkoh, said the situation was attributable to the rate of the food and the non-food components of the inflation basket.
The food and non-food inflation, according to her, recorded inflation rates of 7.8 and 23 per cent respectively, the same rates recorded in September this year.
The main price drivers for the food inflation rate were vegetables, which recorded 13.6 per cent and mineral water, soft drinks, fruit and vegetable juices also recording 8.5 per cent.
“The non-food inflation rate was also influenced by recreation and culture, 29.9 per cent; education, 28.8 per cent; transport, 25.7 per cent; clothing and footwear, 24.5 per cent, furnishings, household equipment and routine maintenance, 24.5 per cent, while housing, water, electricity, gas and other fuels all recorded 23.1 per cent,” she added.
She said the year-on-year non-food inflation rate for October 2015 was 23.0 per cent, compared to the 23.2 per cent recorded in September 2015.
The year-on-year inflation rate for imported items (18.6 per cent) for October 2015 was 1.7 percentage points higher than that of locally produced items (16.9 per cent.)
Regional differences
Three regions; Upper West, Greater Accra and Ashanti recorded inflation rates higher than the national average of 17.4 per cent.
The Upper West Region recorded the highest year-on-year inflation rate of 18.6 per cent, while the Upper East Region recorded the lowest rate of 13.0 per cent.