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Ghana’s consumer price inflation has increased marginally to 16.9 percent in August 2016.

 

The figure moved up from 16.7 percent recorded in July 2016.

 

According to the Ghana Statistical Service, the monthly change rate for August was negative 6 percent   compared to the 0.9percent recorded in July.

 

Addressing the media on Wednesday, Government Statistician, Dr. Philomena Nyarko explained the increase in inflation was occasioned by some base drift effects in some non food items.

 

Dr. Philomena Nyarko added the increasing prices of imported items also contributed to the increase in inflation for the period.

Two regions; Greater Accra and Ashanti, recorded higher inflation rate than the national average of 16.9 percent.

 

The year on year non food inflation rate for August 2016 was 21.5 percent compared with the 21.2 percent recorded in July 2016.

 

Also, the year on year food inflation rate for August 2016 stood at 8.5 percent compared with 8.6 percent for July 2016.

 

Meanwhile In August 2016 the year on year inflation rate for imported items of 17.3 percent was 0.6 percentage points higher than that of locally produced items which was 16.7 percent.

 

The main price drivers for food inflation rate were Vegetables (11.5%), Minerals water, soft drinks, fruits and vegetable juices (10.6%), Oils and fats (10.1%), Coffee, tea and cocoa (9.7%0, Meat and meat products (9.6%) and Fruits (9.1).

 

The Greater Accra Region recorded the highest year –on-year inflation rate of 20.1percent, followed by the Ashanti region with 18.5 percent while the Upper East Region recorded the lowest inflation rate of 11.8percent.

 

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