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15th September, 2010
Rate Of Inflation Goes Down Again
The rate of Inflation has gone down again.
The Statistical Service said it recorded a marginal drop from 9.46 per cent in July to 9.44 per cent in August.
This represents a 0.02 percentage point lower than that of the July, Magnus Ebo Duncan, Head of Economic and Industrial Group of the Statistical Service disclosed this at a press briefing in Accra yesterday.
He explained that the marginal decrease did not necessarily mean that prices of goods and services had gone down.
He said the rate of inflation had been falling since July 2009 the largest decline being recorded in April with 1.66 percentage point followed by January 2010 when 1.19 percentage point was recorded and 1.16 percentage point in June.
Mr. Duncan said other months recorded declines below one percentage point, with the lowest recorded in August.
The cumulative decline between January and August was 5.34 percentage points (from 14.78 per cent to 9.44 per cent), making it 14 times consecutively from 20.74 per cent in 2009 to 9.44 per cent in August 2010.
Mr Duncan said the downward pressure on inflation could be attributed to both the food, and non- food as well as non-alcoholic beverages group, adding that the food and non-alcoholic beverages group had been recording single digit rate since January, falling from 9.08 per cent to 5.3 per cent in August after increasing to 6.13 per cent in June.
The non-food inflation rate on the other hand though declining, had been recording double digit inflation rates, falling from 18.79 per cent in January to 11 per cent in July before increasing to 12.25 per cent in August.
Mr. Duncan said the regional differentials in the Inflation rate, ranged from 6.63 per cent in the Central Region to 14.54 per cent for the Greater Accra Region, adding that Central, Western, Volta, Eastern and Ashanti recorded inflation rates below the national rate of 9.44 per cent.
He said Greater Accra, Upper East, Upper West, Brong-Ahafo and Northern Regions recorded the highest inflation rate during the month.
The Statistical Service said it recorded a marginal drop from 9.46 per cent in July to 9.44 per cent in August.
This represents a 0.02 percentage point lower than that of the July, Magnus Ebo Duncan, Head of Economic and Industrial Group of the Statistical Service disclosed this at a press briefing in Accra yesterday.
He explained that the marginal decrease did not necessarily mean that prices of goods and services had gone down.
He said the rate of inflation had been falling since July 2009 the largest decline being recorded in April with 1.66 percentage point followed by January 2010 when 1.19 percentage point was recorded and 1.16 percentage point in June.
Mr. Duncan said other months recorded declines below one percentage point, with the lowest recorded in August.
The cumulative decline between January and August was 5.34 percentage points (from 14.78 per cent to 9.44 per cent), making it 14 times consecutively from 20.74 per cent in 2009 to 9.44 per cent in August 2010.
Mr Duncan said the downward pressure on inflation could be attributed to both the food, and non- food as well as non-alcoholic beverages group, adding that the food and non-alcoholic beverages group had been recording single digit rate since January, falling from 9.08 per cent to 5.3 per cent in August after increasing to 6.13 per cent in June.
The non-food inflation rate on the other hand though declining, had been recording double digit inflation rates, falling from 18.79 per cent in January to 11 per cent in July before increasing to 12.25 per cent in August.
Mr. Duncan said the regional differentials in the Inflation rate, ranged from 6.63 per cent in the Central Region to 14.54 per cent for the Greater Accra Region, adding that Central, Western, Volta, Eastern and Ashanti recorded inflation rates below the national rate of 9.44 per cent.
He said Greater Accra, Upper East, Upper West, Brong-Ahafo and Northern Regions recorded the highest inflation rate during the month.
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