Inflation rate for August hits 7.8% after rebasing

Inflation rate for August 2019 hits 7.8 per cent as the first result since the rebasing of the economy.

The new rate is a reflection of people’s purchasing habit after the goods in the measuring basket were increased from 267 to 307 as part of the rebasing.

The drivers for the August inflation were Alcoholic beverages, tobacco and narcotics.

Food and non-food inflation

The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.2 per cent. Fruits and nuts (25.2%), Cereals and cereal products (10.6), sugar, confectionery and desserts (9.0%), and Ready-made food and other food products (8.3) were the major drivers of the food inflation.

The non-food group recorded a year-on-year inflation rate of 7.4 per cent in August 2019. Alcoholic beverages, Tobacco and Narcotics (12.9%), Transport (10.2%) and Housing, water, electricity, gas and other fuels (9.9%) were the key drivers of the non-food inflation in August.

Regional breakdown

At the regional level, the year-on-year inflation rate ranged from 3.9 per cent for the eastern region to 12.4 per cent for (Greater Accra Region. Four Regions Greater Accra, Upper West, Central and Volta) recorded inflation rates above the national average (7.8) per cent. Eastern region recorded the least inflation rate of 3.9 per cent.

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