Ghana’s Inflation for December, 2016 has dropped to 15.4 percent up from a figure of 15.5 percent achieved in November of the same year. This means that the West African country failed to meets its 13.5 Inflation target for December 2016.
The monthly change rate for December 2016 was 0.9% compared to the 0.8% recorded in November. The food and non-alcoholic beverages recorded a year-on-year inflation rate of 9.7%. This is 0.4 percentage point higher than the rate recorded in November 2016.
Five subgroups of the food and non-alcoholic beverages group recorded inflation rate higher than the group average rate of 9.7%.
The non-food group recorded a year-on-year inflation rate of 18.2% in December compared to the 18.7% recorded for November 2016. Six subgroups recorded a year-on-year inflation rate higher than the group’s average rate of 18.2%.
The main price drivers for the non-food inflation rate were transport, education, recreation and culture, housing, water, electricity among others.
The price drivers for the food inflation rate were meat and meat products, coffee, tea and cocoa, fish and sea food, mineral water among others.
Many players in the financial sector are hoping the New Minister designate will bring his expertise to bear to drive down inflation and the country’s high interest rate which is seen as critical to the survival of businesses.
Source: Africafeeds.com/Fred Dzakpata
