Inflation rate falls in December to close at 7.9 per cent

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The year-on-year inflation rate fell slightly to 7.9 per cent in December, lower by 0.3 percentage points from 8.2 per cent recorded in November 2019.

Professor Samuel Kobina Annim, the Government Statistician, who announced this on Wednesday, said the inflation rate was predominantly driven by food, transportation and housing.

“Due to its relative importance in consumption, food is still the main driver of inflation in the country,” he said.

Food and non-alcoholic beverages year-on-year inflation rate was 7.2 per cent, down 1.2 percentage points from the 8.4 per cent recorded in November.

The non-food group recorded a rate of 8.5 per cent, a slight increase of 0.5 percentage points from 8.0 per cent in November.

Alcoholic beverages, tobacco and narcotics 13.5 per cent, transport 11.0 per cent and Housing 10.5 percent were the divisions with the highest rates of divisions.  

Prof. Annim said between November and December 2019, the price level of food and non-alcoholic beverages went down slightly by -6 per cent.

The decline was predominantly driven by a fall in price levels of vegetables and fruits, he said.

Inflation of imported goods was 6.1 per cent while that of local goods was 8.7 per cent on average.

The rate is the highest for local goods and the lowest for imported goods since August 2019.   

On regional basis, three regions recorded inflation rates above the national average of 7.9 per cent. These were: Greater Accra, 12 per cent, Volta 9.3 per cent, and Upper West 8.6 per cent.

Ashanti Region recorded the lowest year-on-year inflation rate of 5.0 per cent in December 2019.

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