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Ghana’s Inflation drops to 12.6%

Ghana’s inflation has dropped from the recorded 13% in April 2017 to 12.6% this past month.

The drop in inflation accounts for a 0.4% decrease.
Inflation is a general increase in prices and fall in the purchasing value of money for goods and services.

The decline the inflation digits according to Baah Wadieh, Acting Government Statistician is attributed to the marginal drop in the prices of fuel.

“There was a general decline in prices for almost all the major subgroups. A significant driver is the price of fuel which recorded a slight decline in price and inflation and that might have triggered so many of the groups to reduce the inflation rate,” he stated.

According to the Ghana Statistical Service, the food inflation for May 2017 comprising categories such as cereals, vegetables, fish and meat was 6.3 percent. Also, the inflation for non-food categories

The Ghana Statistical Service’s report said food inflation which comprises vegetables, fruits, grains etc was 6.4%.
Inflation for non-food categories such as transport, education and health decreased 16.3% recorded in April to 15.8% in May.

Mr. Wadieh added that the major drivers of the drop are mainly transport, recreation and culture, furnishings, household equipment and routine maintenance, clothing and maintenance and miscellaneous goods and services,

Regionally, the Upper East recorded the least inflation of 9.1% with while Greater Accra with the highest had a inflation rate of 13.6%.

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