GAPNEWS

Inflation For July Drops To 9.6%.

The inflation rate for July 2018 declined to 9.6% compared with the rate of 10% recorded in June this year.
The monthly change rate in July 2018 was 0.4%, compared with the rate of 1.0% recorded in June 2018.
The reduction can be attributed to the results recorded for the non-food subgroup which declined from 11.2% to 10.7% in July.
Non-food inflation
The main price drivers for the non-food inflation rate were Clothing and footwear (15.0%), Recreation and Culture (13.4%), Furnishing, Household and Equipment and Routine Maintenance (12.5%) and Miscellaneous goods and services (12.0%).
Food inflation
The price drivers for the food inflation rate were Coffee, tea and cocoa (11.3%), Fruits (9.7%), Meat and meat products (8.6%) Mineral water, soft drinks, fruit and vegetable juices (8.4%), vegetables (8.4%) and food products (7.7%).
Regional breakdown
Five regions – Upper West, Brong Ahafo, Western, Ashanti and Northern regions recorded inflation above the average of 9.6%.
Upper West region recorded the highest year-on-year inflation rate of 11.5%, followed by Brong Ahafo region (10.5%), while the Upper East region recorded the lowest year-on-year inflation of 7.8% in July 2018.
Rebasing
The Ghana Statistical Service has missed the target date for the release of rebased figures for inflation.
According to the acting Government Statistician, Baah Wadieh, stakeholders have made inputs into the methodology and some of the figures which need to be incorporated.
He said, “…so because of quality we think we must hold on and look at the figures, look at the methods, look at the procedures and then come out with the best that we can for the nation. They (stakeholders) are satisfied, in fact, they commend us at the rate at which we have worked but there is always the possibility of improving and that is what we are taking on board.”
However, the GSS is expected to release the new rebased figures by the end of this month.
-Myjoyonline

Comments

Popular posts from this blog

GAPNEWS Inflation rate for May drops to 9.4% Inflation rate for May 2019 recorded a marginal reduction to 9.4 per cent down by 0.1 percentage point from the 9.5 per cent recorded in April 2019. Deputy Government Statistician, David Kombat has been explaining to the media in Accra that the rate recorded was highly influenced by the declining rate of food inflation in the measuring basket. "We have seen a slight decline in food prices especially vegetables as a result of the weather patterns. This usually happens when we're entering into the raining season and commodity prices begin to experience some dips but this is also accompanied by some reductions in certain components of the non-food items" he said. Upper West recorded the highest general inflation of 11.1 per cent whiles Ashanti the highest rate in food inflation. "The food and non-alcoholic beverage group recorded 7.3 per cent, a reduction of 1.1 per cent point lower than the rate recorded in April ...

GAPNEWS WHAT IS WRONG WITH GHANA l am not too old neither am I too young and certainly I can’t admit to knowing all the problems confronting our dear Nation Ghana, but suffice as it will I have had the speck removed from my eyes and have seen the trajectory of our Governance process as a Nation with my eyes and have come to the conclusion of the very facts I dare state beneath. The trouble in Ghana is simply and squarely a leadership crisis finding its expression in the “volcanic” way of our practice of politics in Ghana. Let me hasten to indicate that there is nothing wrong with the Ghanaian, our land, our climate, our water, and our ability to think and do things for ourselves. The Ghanaian crisis stems from the roots of the unwillingness and the wanton disrespect for patriotism on the part of its leaders to rise to the responsibility of performance beneficial to the good people of Ghana. We have seen quite fairly or if you will strongly in the epoch of our political li...

GAPNEWS The need for Ghana to prepared for future uncertainty that could affect the economy. Ghana is endowed with gold and oil palms and situated between the trans-Saharan trade routes and the African coastline visited by successive European traders, the area known today as Ghana has been involved in all phases of Africa's economic development during the last forty five years. In 1981 a military government under the leadership of Flight Lieutenant Jerry John Rawlings came to power. Calling itself the Provisional National Defence Council (PNDC), the Rawlings regime initially blamed the nation's economic problems on the corruption of previous governments. Rawlings soon discovered, however, that Ghana's problems were the result of forces more complicated than economic abuse. Following a severe drought in 1983 (fire out break), the government accepted stringent International Monetary Fund (IMF) and World Bank loan conditions and instituted the Economic Recovery Program ...

GAPNEWS Ghana moves to capture US$2.4bn China soya market. The hefty tariff on soybeans from the United States has caused a 17 percent import decrease of the produce into China in February 2019, being the lowest level recorded since 2015, General Administration of Customs – Chinese statistical agency, has revealed. In 2017, U.S. soybean exports to China reached a volume of US$14.573 billion. Currently, the United States is the world’s largest soybean producer and second largest exporter, after Brazil. On the other hand, China is the world’s largest importer of soybeans – imported 91 million tonnes in 2018 market year as against 94 million tones the previous year. This suggests that the trade war between the two largest economies has created the opportunity for more than US$2.4 billion market share of soybeans that countries producing it can compete. Although, imports of soybean to China has reduced by 17 percent, this does not mean that consumption has reduced in similar terms...