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Inflation Rises To 16.9%

The Consumer Price Index (CPI), measures the change over time, in the general price level of goods and services, that households acquire, for the purpose of consumption.

This was in reference to the price level in 2012, the base year which had an index of 100.The Year-On-Year Non-Food Inflation Rate for August 2016, was 21.5%, compared with the 21.2% recorded in July 2016.

The main drivers for the non food inflation rate were education(34.1%),housing,water,electricity,gas and other fuels(28.1%) Recreation and culture(27.2%)Clothing and footwear(22.8%), Transport(27.4%) and Furnishings, household equipment and routine maintenance(22.0%)Two Regions recorded inflation rates higher than the national average of 16.9%.

The Greater Accra Region, recorded the highest Year-On-Year Inflation Rate of 20.1%,followed by The Ashanti Region with 18.5%, while The Upper East Region recorded the lowest with 11.8%.

Government Statistician,Dr.Philomena Nyarko, attributed the increase in the prices of goods to the uncertainties around the upcoming December 7 elections.

Source: radioxyzonline.com/Pious Kojo Backah/Selasi Agbagba.

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