Inflation hits 17.7% for December 2015

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January 13, 2016 3:12 PM

Ashanti Region recorded the highest year-on-year rate of 19.2 % while the Upper East Region recorded the lowest rate of 13.7% in the month under review.

The Ghana Statistical Service has pegged the inflation rate for the month of December 2015 at 17.7%.

This represents a marginal increment of 0.1% on the 17.6% recorded for November 2015.

Ashanti Region recorded the highest year-on-year rate of 19.2% while the Upper East Region recorded the lowest rate of 13.7% in the month under review.

According to Dr. Philomena Nyarko, the main drivers of the inflationary rate was the exchange rate stability on one end, and cost of food on the other.

" The exchange rate, between the November to December was GHC3.79 representing a stability in the rate and a zero rate of change. This, Dr. Philomena Nyarko said, led to no change in the price of imported goods."

She then cautioned that the January 2016 rate will reflect the Christmas activities where a lot of foreign goods were imported.

" We compute our rates in the first week of the month. So the massive importation which has characterised the festive season will be reflected in the January 2016."

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