Thursday, November 21, 2024

Ghana misses 8 percent inflation target for 2018

Must read

Nigerian High Commission apartments in Ghana demolished

Some new apartments built at the residence of the Nigerian High Commissioner in Ghana’s capital city Accra, have been demolished by bulldozers. The apartments have been constructed to...

Covid-19: Ghana records significant recovery numbers

Ghanaian health officials on Saturday said over 10,000 persons infected with the coronavirus have now recovered. The significant number of recoveries means the country now...

DR Congo: President’s ex-chief of staff jailed 20 years for corruption

The ex-chief of staff of the president of the Democratic Republic of Congo has been jailed 20 years by a high court. Vital Kamerhe was...

Covid-19: Zimbabwe’s health minister arrested, charged for graft

Zimbabwe's Health Minister Obadiah Moyo has been arrested over corruption allegations related to procurement of medical equipment worth $60 million. Moyo is accused of illegally...
Fred Dzakpata
Fred Dzakpata is a Ghanaian journalist who specializes in business reporting in Africa.

Ghana has failed to meet it’s inflation target of 8 percent for last year. Ghana’s Statistical Service released data which showed that inflation for last December increased marginally to 9.4 percent.

This means that in December 2018 prices of goods and services went up slightly compared to the rate of 9.3 percent recorded in November 2018.

Inflation refers to an overall increase in the Consumer Price Index (CPI), which is a weighted average of prices for different goods.

The non-food group,  recorded a year-on-year inflation rate of 9.8% in December 2018 as compared to 9.7% for November 2018.

Acting Government Statistician David Kombat told journalists in the capital Accra that four subgroups of the food and non-alcoholic beverages group recorded inflation rate higher than the group’s average rate of 8.7%.

“Transport recorded the highest inflation rate of 13.6%, followed by Recreation and culture with 13.2%, while Clothing and footwear recorded 13.0%. Furnishings, household equipment and routine maintenance recorded 11.6% of inflation, miscellaneous goods and service recorded 10.0% of inflation,”  he added.

“In December 2018, the year-on-year inflation rate for imported items was 11.1% which is 2.4% points higher than that of locally produced items which were 8.7%,” Mr Kombat revealed.

Mr Kombat stressed that “The price drivers for the food inflation rate were coffee, tea and cocoa which recorded inflation of 13.5%, fruits recorded 11.4%, while meat and meat products recorded 10.9%. Mineral water, soft drinks, fruit and vegetable juices recorded inflation of 9.2%”.

 

 

Source: Africafeeds.com

- Advertisement -

More articles

- Advertisement -

Latest article

Nigerian High Commission apartments in Ghana demolished

Some new apartments built at the residence of the Nigerian High Commissioner in Ghana’s capital city Accra, have been demolished by bulldozers. The apartments have been constructed to...

Covid-19: Ghana records significant recovery numbers

Ghanaian health officials on Saturday said over 10,000 persons infected with the coronavirus have now recovered. The significant number of recoveries means the country now...

DR Congo: President’s ex-chief of staff jailed 20 years for corruption

The ex-chief of staff of the president of the Democratic Republic of Congo has been jailed 20 years by a high court. Vital Kamerhe was...

Covid-19: Zimbabwe’s health minister arrested, charged for graft

Zimbabwe's Health Minister Obadiah Moyo has been arrested over corruption allegations related to procurement of medical equipment worth $60 million. Moyo is accused of illegally...

Ghana’s new law that jails citizens not wearing facemask 10 years

Ghanaians who fail to wear the face masks in compliance with a presidential directive risk going to jail for ten years. They also face a...