Inflation drops in October to 11.6%

Inflation for the month of October has dropped from 12.2 percent recorded in September 2017 to 11.6 percent in October.

This is the seventh time that inflation has dropped this year.

The Consumer Price Inflation (CPI) measures the average change over time in the general prices of goods and services that households acquire for purposes of consumption.

According to the Ghana Statistical Service, the monthly change rate for October 2017 was 0.9 percent compared to that from October 2016 to October 2017.

The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.2 percent, 0.1 percentage point higher than the rate recorded in September 2017.

One sub-group of the food and non-alcoholic beverages group recorded an inflation rate higher than the group’s average rate of 8.2 percent.

The non-food group recorded a year-on-year inflation rate of 13.2 percent in October 2017, compared to the 14.1 percent recorded for September 2017.

Five sub-groups recorded year-on-year inflation rates higher than the group’s average rate of 13.2 percent.

Source: Starrfmonline.com