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B/A inflation rate for October falls to 10.4 per cent

botchway December 6, 2018

 

From Francis Owusu-Ansah, Sunyani           .

The Brong-Ahafo Region recorded inflation rate of 10.4 per, higher than the national average of 9.5 per cent for October, 2018.

The year-on-year inflation national rate for same period was 9.5 per cent down from 9.8 per cent recorded in September 2018.

The Acting Government Statistician, Mr. Baah Wadieh, who said this during the presentation of the Consumer Price Index for October in Accra, added that four other regions (Upper West, Western, Ashanti and Northern) recorded inflation rates higher than the national average of 9.5 per cent.

Upper West Region recorded the highest year-on-year inflation rate of 11.6 per cent, while the Upper East Region recorded the lowest year-on-year inflation rate of 8.3 per cent in October 2018.

Mr. Wadieh noted that, the monthly change rate in October 2018 was 0.7 per cent, compared with the rate of 0.0 per cent recorded in September 2018.

The October 2018 rate of 9.5 per cent is the lowest since January 2013, according to Mr. Wadieh.

The Acting Government Statistician said the year-on-year non-food inflation rate for October 2018 was 9.8 per cent compared with the rate of 10.3 per cent recorded in September 2018.

The year-on-year food inflation rate for October 2018 was 8.9 per cent, compared with 8.7 per cent recorded in September 2018.

Mr Wadieh said the year-on-year non-food inflation rate of 9.8 per cent is 0.9 per cent point higher than the food inflation rate of 8.9 per cent.

In October 2018, the year-on-year inflation rate for imported items was 11.1 per cent, which is 2.3 percentage points higher than that of locally produced items at 8.8 per cent.

He explained that the main “price drivers” for the non-food inflation rate were Clothing and Footwear (13.4 per cent), Transport (13.9 per cent), Recreation and Culture (12.7 per cent), Furnishing, Household Equipment and Routine Maintenance (11.9 per cent).

However, noted that the “price drivers” for the food inflation rate were Coffee, tea and cocoa (13.1 per cent), Fruits (11.4 per cent), Meat and meat products (10.1 per cent), Mineral water, soft drinks, fruit and vegetable juices (10.4 per cent), Vegetables (9.6 per cent) and Food products (10.5 per cent).

Meanwhile, business activities in the Brong-Ahafo Region have picked up, a trend Mr. David Tetteh, Sunyani Branch Manager of the Abosomaketre Cooperative Credit Union attributes to the end of the year.

Mr. Tetteh told The Chronicle in Sunyani that buying and selling have increased because of the impending Christmas season, adding that people have started flooding banks to withdraw money for the end of season activities.

He added that banks would also make available more cash to meet clients’ demands and also pay out remittances which normally increase during the end of year season.

Mr. Tetteh said over all, the last two months of the year would witness increased spending by both individuals and organisations. He said consumables in particularly would enjoy high patronage while sale of food crops will experience a dip.

 

 

 

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