November: Inflation drops to 15.5%

The prices of goods and services in the month of November was fairly stable as inflation for the month went down.

Inflation dipped from 15.8% in October to 15.5% in November 2016.

This is the lowest in the last twelve months.

The year-on-year non-food inflation rate for November 2016 was 18.7% compared with 19.4% in October.

The year-on-year food inflation rate for November 2016 was 9.3% compared with 8.7 in October.

Inflation for imported items also stood at 16.2 in November. This is 1.0% higher than the rate of locally produced items which recorded 15.2%.

The main price drivers for the non-food rate were; Transport, education, recreation and culture, housing, water, electricity, gas and other fuels among others.

The price drivers for food inflation rate were; Mineral water, soft drinks, fruit and vegetable juices, coffee, tea and cocoa among others.

Greater Accra recorded the highest inflation rate of 18.1%, Ashanti region came second with 15.8% while Volta region recorded the lowest of 13.1%.

The acting government statistician, Baah Wadieh, explained to Starr Business’ Osei Owusu Amankwaah that the dip in the rate signifies that the rate of goods and services were fairly stable but didn’t reduce.

He added that the non food group was the main cause of the dip as there was enough supply of goods during the period.

source: starrfmonline