The Ghana Statistical Service reported here on Wednesday that year-on-year inflation rate for June 2015 was 17.1 percent, relative to the 16.9 percent recorded for the previous month.

inflationThe monthly change rate in the month under review was also 1.8 percent while that for May 2015 was 1.0.
Philomena Nyarko (Ph. D), Chief Statistician for the country, who disclosed this to the media, added that the year-on-year non-food inflation rate for June 2015 was 23.6 percent, compared with the 23.4 percent recorded a month earlier.

?Food inflation for June 2015 was 7.4 percent, compared with the 7.3 percent recorded for May 2015,? she stated.
According to her, the year-on-year inflation rate for imported items at 21.2 percent for June 2015 was about 1.4 percent times higher than 15.5 percent inflation rate recorded for locally produced items.
Four regions (Central, Ashanti, Volta, and Upper East) recorded inflation rates higher than the national average of 17.1 percent.

?The main price drivers for the non-food inflation rate were transport, with 25.5 percent; housing, water, electricity, gas and other fuels, with 24.8 percent inflation; education, with 24.6 percent inflation; as well as clothing and footwear, with inflation rate of 24.3 percent,? Nyarko disclosed.

For food inflation, the price drivers for the inflation rate were coffee, tea and cocoa, with 17.1 percent inflation; mineral water, soft drinks, fruit and vegetable juices, with an inflation rate of 16.2 percent; sugar, jam, honey, chocolate and confectionery, with 15.2 percent; and food products not elsewhere classified( n.e.c.), with an inflation rate of 14.9 percent.

Other price drivers for food inflation were meat and meat products, with 13.9 percent inflation; milk, cheese and eggs, with inflation rate of 12.3 percent; as well as cereals and cereal products, at 8.3 percent.
The Chief Statistician averred that the sharp depreciation of the local cedi currency in the month of June was partly responsible for the high inflation rate recorded by imported items.

The local cedi currency had depreciated close over 25 percent half-year till June 30, selling at one U.S. dollar to 4.4 cedis but has firmed up again over half of July to sell at one dollar to 3.3 cedis.

?But the exchange rate is not the only factor since the increased cost of transportation also affected prices since both imported and locally produced items have to be transported at a higher cost,? the statistician explained. Enditem.



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