Inflation rate increases slightly to 18.9 per cent in May

The year-on-year inflation rate increased slightly to 18.9 per cent in May compared to 18.7 per cent in May, Dr Philomena Nyarko, Government Statistician, said on Wednesday.

The monthly change rate for May was 1.1 per cent compared to the 1.4 per cent recorded in April 2016.

Dr Nyarko said the non-food group recorded a year-on-year inflation rate of 25.0 per cent in May compared to 24.8 recorded in April, while the year-on-year food inflation rate for May was 8.5 per cent compared with the 8.4 per cent recorded in April.

She explained that the main drivers for the non-food inflation rate are transport, housing, electricity, gas and fuels, education and recreation and culture while that of the food inflation include vegetables, oils and fats, fruits, mineral water, soft drinks, fruits and vegetable juices.

At the regional level, the year-on-on year, Greater Accra and Ashanti regions recorded inflation rates higher than the national average of 18.8 per cent.

The Greater Accra Region recorded the highest inflation rate of 22.6 per cent followed by the Ashanti Region with 20.8 per cent, while the Upper East region recorded the lowest of 15.0 per cent.