The country’s year-on-year inflation rate fell for the second consecutive months to 38.1 per cent in September 2023 from 40.1 per cent in August 2023.
This represents a two-percentage decrease relative to the 40.1 per cent recorded in August 2023.
On month-on-month bases, inflation inched up to 1.9 per cent in September from 0.2 per cent in August.
The Government Statistician, Professor Samuel K. Annim, who disclosed this yesterday when he presented the September Consumer Price Index and Inflation figures, said the drop in the inflation rate in September was influenced by both food and non-food inflation.
He said food inflation fell by 2.5 percentage points to 49.4 per cent in September from 51.9 per cent in August.
Prof. Annim stated that non-food inflation fell by 1.6 percentage points to 29.3 per cent in September from 30.9 per cent in August.
He said inflation on locally produced items inched up to 37.3 per cent in September from 36.2 per cent in August.
Professor Annim said inflation on imported items fell to 39.9 per cent in September from 42.4 per cent in August.
On month-on-month, the Government Statistician said food inflation went up to 1.6 per cent in September from 0.3 per cent in August, while non-food inflation also rose to 2.1 per cent in September from 0.2 per cent in August.
Professor Annim indicated that year-on-year alcoholic beverages, tobacco and narcotics (49.4 per cent), food and non- alcoholic beverages (49.4 per cent), personal care, social protection and miscellaneous goods and services (49.2 per cent) and furnishings, household equipment and routine house maintenance (44.9 per cent) recorded inflation rates above the national average of 38.1 per cent.
“Insurance and financial services (0.4 per cent), education service (6.6 per cent), restaurant and accommodation services (4.3 per cent), information and communication (3.6 per cent), transport (10.5 per cent), housing, water, electricity, gas and other fuels (10.2 per cent), recreation, sport and culture, health (31.3), clothing and footwear (32.5 per cent), recorded inflation rates below the national average of 38.1 per cent,” he stated.
On regional inflation, Prof. Annim said North East Region recorded the highest rate of inflation at 54.4 per cent, followed by Eastern Region, 49.9 per cent, Western, 47.4 per cent, while Ashanti had the lowest rate of inflation of 31.2 per cent, Greater Accra, 33.9 per cent, Oti, 34.3 per cent.
The Government Statistician said the North East Region recorded the highest rate of food inflation of 73.9 per cent in September, Eastern, 69.3 per cent, and Bono, 62.0 per cent, while Upper East recorded the lowest rate of food inflation of 35.0 per cent, followed by Ahafo, 40.5 per cent, and Ashanti, 41.7 per cent.
“Upper East recorded the high rate of Non-food inflation September at 44.3 per cent, Western, 43.5 per cent, North East, 42.8 per cent, while Ashanti recorded the lowest rate of non-food inflation at 22.0 per cent, Upper West 22.7 per cent and Greater Accra, 26.5 per cent,” the Government Statistician stated
BY KINGSLEY ASARE
