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Credible? Inflation rate drops to 17.3% in August

Government statistician, Philomna  Nyarko had no particular explanation for the reduction

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Government Statistician, Philomina Nyarko play

Government Statistician, Philomina Nyarko

The month of August has seen the first fall in the inflation rate in several months in 2015. The Ghana Statistical Service put the rate at 17.3 per cent a reduction from July's 17.9 per cent.

Government statistician, Philomna  Nyarko had no particular explanation for the reduction but said,

" We don't have. All we  know is the inflation  for food went up, and the utility bills for household utilities also went up. So although some important sectors in the inflation basket, like food, education, utilities, clothing went up, we have seen the total inflation reducing from 17.9 to 17.3 per cent. As I said we don't have any explanations for that."

July was the seven straight month in 2015 where inflation rate went up.

Read more: Inflation Rate for July goes up to 17.9%

January this year when it stood at 16.4 percent, which shows that the  rate at which prices of goods are going up is gradually eating away consumers’ savings.

The country’s inflation rate has been recording an average of 17.11 percent from 1998 until 2015, reaching an all-time high of 63 percent in March of 2001 and a record low of 0.40 % in May of 1999.

More to come soon.

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