Inflation hits 16.5%

Inflation is still on the rise as the rate for September hit 16.5 percent – the highest since March 2010.

This represents a 0.6 percent increase from the 15.9 percent recorded in August, the Statistical Service announced Wednesday.

The Statistical Service has also released the GDP figures for the 2nd Quarter. According to the figures, the rate of production of goods and services in the country slowed down to 5.3 percent in the second quarter compared to 10.8 percent recorded in the same period last year.

Food inflation hit a rate of 5.8% up from 5.1% recorded in August and this was driven by mineral water and soft drinks which recorded a rate of 25.4%. But the average prices of vegetables declined by about 6.6 compared to the same period last year.

Non-food inflation recorded a rate of 24.1% increasing from 24% and this was driven by housing, water, electricity and gas which recorded a rate of 63.5%. Education however recorded the lowest inflation with a rate of 3.5%.

The Central Region recorded the highest inflation rate of 18.5%, while Upper West recorded the lowest inflation rate of 10.9%

Source: Ghana/Myjoyonline.com