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B/A inflation rate for July drops to 10.5%

botchway September 11, 2018

 

From Francis Owusu-Ansah, Sunyani   .

The inflation rate for the Brong-Ahafo Region, in July 2018, dropped to 10.5% from the 10.9% rate recorded last month.

The regional inflation rate is higher than the national rate of 9.6% for the same period, which saw a decline compared with the rate of 10% recorded in June this year.

The monthly change rate in July 2018 was 0.4%, compared with the rate of 1.0% recorded in June 2018.

The reduction can be attributed to the results recorded for the non-food subgroup, which declined from 11.2% to 10.7% in July.

The main price drivers for the non-food inflation rate were clothing and footwear (15.0%), recreation and culture (13.4%), furnishing, household and equipment and routine maintenance (12.5%), and miscellaneous goods and services (12.0%).

Food inflation

The price drivers for the food inflation rate were coffee, tea and cocoa (11.3%), fruits (9.7%), meat and meat products (8.6%), mineral water, soft drinks, fruit and vegetable juices (8.4%), vegetables (8.4%) and food products (7.7%).

Four regions, Upper West, Western, Ashanti and Northern, recorded inflation above the average of 9.6%.

The Upper West Region recorded the highest year-on-year inflation rate of 11.5%, while the Upper East Region recorded the lowest year-on-year inflation of 7.8% in July 2018.

Rebasing

According to the Acting Government Statistician, Dr. Baah Wadieh, the Ghana Statistical Service (GSS) has missed the target date for the release of rebased figures for inflation.

Dr. Wadieh said stakeholders have made inputs into the methodology and some of the figures which need to be incorporated.

He said: “…so, because of quality, we think we must hold on and look at the figures; look at the methods; look at the procedures, and then come out with the best that we can for the nation.”

Dr. Wadieh added that stakeholders are satisfied and have commended the Statistical Service for the rate at which they have worked, but he pointed out that “there is always the possibility of improving, and that is what the service is taking on board.”

However, the GSS is expected to release the new rebased figures soon.

Meanwhile, business activities in the Brong-Ahafo Region continue to be slow. Business watchers are attributing the trend to less money in the system to spend.

“Basically, what the region is experiencing is that there less money chasing plenty of goods and services,” the business analysts summed up.

“Normally, business is usually slow in the region around June, July, but it normally should have picked up in August, by which time farmers should have harvested their farms, unfortunately, we are yet to see any significant change, so let’s wait till the end of…,” Mr. Kwasi Ofosu, a banker, told The Chronicle in Sunyani.

 

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