Customers peruse goods at Makola market in Accra, Ghana, June 15, 2015.Francis Kokoroko/File Photo
Customers peruse goods at Makola market in Accra, Ghana, June 15, 2015. REUTERS/Francis Kokoroko/File Photo

Consumer Inflation which measures the rate of change in the prices of consumer goods and services slid in Ghana by two percentage points to record an inflation rate of 11.9 percent year-on-year relative to the 12 .1 percent recorded in June 2017, according to an announcement on Wednesday by the Ghana Statistical Service (GSS).

Customers peruse goods at Makola market in Accra, Ghana, June 15, 2015.Francis Kokoroko/File Photo
Customers peruse goods at Makola market in Accra, Ghana, June 15, 2015. REUTERS/Francis Kokoroko/File Photo
The monthly change rate for the month under review was also 0.7 percent compared to the 0.9 percent recorded for the previous month.

Acting Government Statistician, Baah Wadieh told the media that inflation rate for Food and Non-Alcoholic Beverages increased by one percentage point to 7.2 percent in July 2017 relative to the 6.2 percent recorded during the previous month.

“With five subgroups recording year-on-year inflation rates higher than the group’s average the non-food group recorded a year-on-year inflation rate of 14.2 percent in July 2017, compared with the 15.1 percent recorded in June 2017,” he disclosed.

The statistician noted that the inflation was responding to policy measures initiated by government as the exchange rate has been holding sway for some time.

“Exchange rate has been fairly stable most of the year and although transport fairs remain high, they’ve been quite stable and there have also not been any major shocks in the economy over the past three months,” Wadieh said.

He added that the trend of inflation which started softening since the second half of 2016 are moving according to projections and policies put in place over the past few years aiming at a medium term target of eight percent. Enditem

Source: Xinhua/Newsghana.com.gh