Ghana’s inflation for October 2016 reduced to 15.8 percent.
This is a reduction from the 17.2 percent inflation rate recorded in September 2016.
According to the figures released by the Ghana Statistical Service, seven subgroups recorded higher inflation rates than the group’s average of 8.7 percent.
They are included; coffee and cocoa – 15.1%; mineral water, soft drinks, fruits – 15.1%; sugar, jam, honey, chocolate – 13.6%; meat and meat products – 13.3%; food products – 11.7%; fruits – 10.4% and oils & fats – 9.7%.
Meanwhile the inflation on food and non-alcoholic beverages reached 8.7 percent, this rate is 0.3 percent lower than the rate recorded in September.
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Inflation for the non-food component for October 2016, reached 19.4 percent, lower than the 21.6 percent recorded in September this year.
Six subgroups of the non-food component had higher inflation rates than the group’s average rate of 19.4 percent.
They are; Transport (27.2%); Education (25.8%); Recreation and culture (24%); housing, water, electricity, gas and other fuels (23.1%); furnishings, household equipment and routine maintenance (22.2%) and health (20.9%).
The consumer price index 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.