June inflation increases to 17.1%

Inflation rate for June 2015 was 17.1 per cent. This represents a 0.2 per cent increase over the May figure of 16.9 per cent.

It also represents a percentage change in the Consumer Price Index (CPI) over the 12-month period from June 2014 to June 2015. Read more

The monthly change rate for June 2015 was 1.8 per cent, compared to the 1.0 per cent recorded in May 2015.

The CPI measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2012, the base year, which has an index of 100.

According to the Government Statistician, Dr. Philomena Nyarko, the food and non-food beverages group recorded a year-on-year inflation rate of 7.4 per cent, 0.1 per cent higher than the 7.3 per cent recorded in May 2015.

Besides, she said, the year-on-year food inflation rate was 23.6 per cent, three times more than the food inflation rate of 7.4 per cent.

The non-food group recorded a year-on-year inflation rate of 23.6 per cent in June 2015, compared to the 23.4 per cent recorded for May 2015.

Housing, water, electricity, gas and other fuels, being the main drivers of the non-food group, recorded the inflation rate of 24.8 per cent, while transport recorded the highest rate of 25.5 per cent.

According to her, the main price drivers for non-food inflation rate were, transport, which recorded the highest inflation rate of 25.5 per cent followed by housing, water, electricity, gas and other fuels which had 24.8 per cent and education which recorded 24.6 per cent.