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Ghana’s inflation rate for August hit 7.8% as GSS changes benchmark

Ghana recorded an inflation rate of 7.8 percent for August 2019, the Ghana Statistical Service (GSS) has disclosed.

Ghana’s inflation rate was recorded after the GSS rebased the reference period to 2018 from 2012.

Meaning, the Ghana Statistical Service has changed the reference period for calculating the inflation rate to 2018 from the previous 2012.

Also, it has increased the number of markets where prices are gathered from 42 to 44 markets

Addressing Journalists, the Government Statistician, Professor Samuel Annim explained that there are 307 items in the new basket which are used to calculate the Consumer Price Index compared with the 267 in the old basket.

“The new series has taken into account changes in consumption pattern over time”, he said adding that one major change in the new series is the adoption of COICOP 2018 which sets standards for reclassification of items in the basket.

August inflation

The year-on-year inflation rate as measured by the CPI was 7.8 percent in August 2019 with an index of 108.7.

Alcohol beverages, tobacco and narcotic (12.9%) were the key driver of August inflation.

Food Inflation

The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.2 percent. Fruits and nuts (25.2%), Cereals and cereal products (10.6%), sugar, confectionery and deserts (9.0%), and Ready-made food and other food products n.e.c (8.3%) were the major drivers of the food inflation.

ALSO READ: Producer Price Inflation hits 8.8% in July

Non-Food inflation

The Non-food group recorded a year-on-year inflation rate of 7.4 percent in August 2019.

Alcoholic Beverages, Tobacco and Narcotics (12.9%), Transport (10.2%) and Housing, water, electricity, gas and other fuels (9.9%) were the key drivers of the non-food inflation in August.

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