Inflation drops to 17.3%

1402008129128_8323517818210Inflation rate for August 2015 has dropped to 17.3%, from the 17.9% recorded in July 2015.

The year-on-year non-food inflation rate for August 2015 was 23.4% compared to the 24.6% recorded in July 2015.

The food inflation rate for August 2015 was 7.7% (compared with 7.6% recorded in July 2015).

The non-food inflation rate for August 2015 was 23.4% (compared with 24.6% recorded in July 2015).

The inflation rate for imported items was 18.1% in August 2015 (compared with 21.2% recorded in July 2015).

The inflation rate for locally produced items was 17.0% in August 2015 (same as the rate recorded in July 2015).

The year-on-year inflation rate for imported items (18.1%) for August 2015 was  1.1 percentage points higher than that of locally  produced items (17.0%

The main price drivers for the non-food inflation rate were Recreation and culture (25.8%), Education (25.6%), Transport (25.3%), Clothing and Footwear (25.1%), Furnishings, household equipment and routine maintenance (24.9%) and Housing, water, electricity, gas and other fuels (23.5%).

The price drivers for the food inflation rate were mineral water, soft drinks, fruit and vegetable juices  (13.5%), Coffee, tea and cocoa (12.9%), Sugar, jam, honey, chocolate and confectionery (11.7%), Food products (11.4%), Meat and meat products (11.2%), Vegetables (10.9%) and Milk, cheese and eggs (10.0%).

Three regions (Ashanti, Greater Accra and Central) recorded inflation rates higher   than the national average of 17.3%. Upper West Region recorded the same inflation rate as the national average of 17.3 percent.

The Ashanti Region recorded the highest year-on-year inflation rate of 18.9% while the Northern Region recorded the lowest   (13.8%).

source: myjoyonline