consumer price index · the food inflation rate for october 2015 was 7.8% (same as the rate...

Press Release CPI October 2015 1

Press Release

October 2015 inflation


CPI Press Release

BY

Dr. Philomena NyarkoGOVERNMENT STATISTICIAN

• In this release, we present:

–The rate of inflation for October 2015

–The components of the rate of inflation

–Regional inflation rates


The Rate of Inflation • The inflation rate measures the average rise in

the prices of all consumer goods and services in the country.

• It is measured in two ways:

Annual (year-on-year) inflation rate measures the change in the average price level over a twelve month period.

Monthly change rate measures the changein the average price level between the current month and the previous month.


Annual Inflation Rate (year-on-year)

• The annual (year-on-year) inflation rate for October 2015 was 17.4%.

• This means that the change in the general price level was 17.4% over the one year period, from October 2014 to October 2015.

–The year-on-year inflation rate for October 2015 was the same as the rate recorded in September 2015.


Monthly Change (month-on-month)

• The monthly change rate for October 2015 was 2.7%.

• This means that the general price level went up by 2.7% between September 2015 and October 2015.

– The monthly change rate recorded for September 2015 was -0.1%.


CPI for August – October 2015

Press Release CPI October 2015

Month

Index level Change rate (%)

Sept

2012=100 Monthly Yearly

August, 2015 153.3 -0.7 17.3

September, 2015 153.1 -0.1 17.4

October, 2015 157.2 2.7 17.4

7

Food and Non-food Inflation rate


The rate of inflation has two main components;

Food inflation and

Non-food inflation

The food inflation rate for October 2015 was 7.8% (same as the rate recorded in September 2015).

The non-food inflation rate for October 2015 was 23.0% (compared with 23.2% recorded in September 2015).

The non-food inflation rate (23.0%) is about three times higher than the food inflation rate (7.8%)


6.5

6.6 6.9 7.2 7.2 7.3 7.6 7.7 7.8 7.8

24.0 24.1 23.0 23.1 23.2 23.4

24.6 23.4 23.2 23.0

0

5

10

15

20

25

Oct-2014 Nov-2014 Dec-2014 Jan-2015 Feb-2015 Mar-2015 Apr-2015 May-2015 Jun-2015 Jul-2015 Aug-2015 Sep-2015 Oct-2015

Figure 4: FOOD and NON-FOOD INFLATION, October2014 to October 2015

Yearly change rate (%)%

Ghana Statistical Service (GSS)

NON-FOOD

FOOD

Inflation Rate for Imported and Locally Produced Items


• The inflation rate for imported items was 18.6% in October 2015 (compared with 17.4% recorded in September 2015).

• The inflation rate for locally produced items was 16.9% in October 2015 (compared with 17.3% recorded in September 2015).

The inflation rate for imported items in October 2015 (18.6%) was 1.7 percentage points higher than

that of Iocally produced items (16.9%)


14.3 14.4 14.5

14.915.6

17.0 17.3 16.9

24.0

24.2

23.421.3

19.718.1 17.4

18.6

0.0

5.0

10.0

15.0

20.0

25.0

30.0

OCT_2014 NOV_2014 DEC_2014 JAN_2015 FEB_2015 MAR_2015APR_2015 MAY_2015 JUN_2015 JUL_2015 AUG_2015SEPT_2015

Local Imported

Within the Food group, two sub-groups recorded

inflation rates higher than the group’s average of 7.8%.


5.7

5.8

5.9

6.1

6.1

6.4

6.7

7.2

7.6

8.5

13.4

Cereals and cereal products

Fruits

Food products n.e.c.

Oils and fats

Milk, cheese and eggs

Meat and meat products

Sugar, jam, honey, chocolate and…

Fish and seafood

Coffee, tea and cocoa

Mineral water, soft drinks, fruit and…

Vegetables

%

Year-on-year inflation rate (%)

Average food inflation =7.8%

Within the Non-food group, six sub-groups recorded

inflation rates higher than the group’s average of 23.0%.


13.8

14.5

18.7

20.6

21.5

23.1

24.5

24.5

25.7

28.8

29.9

COMMUNICATION

HEALTH

HOTELS, CAFES AND RESTAURANTS

ALCOHOLIC BEVERAGES, TOBACCO ANDNARCOTICS

MISCELLANEOUS GOODS AND SERVICES

HOUSING, WATER, ELECTRICITY, GAS ANDOTHER FUELS

FURNISHINGS, HOUSEHOLD EQUIPMENT ANDROUTINE MAINTENANCE

CLOTHING AND FOOTWEAR

TRANSPORT

EDUCATION

RECREATION AND CULTURE


%Average non-food inflation =23.0%


Upper West Region recorded the highest combined inflation rate and the highest non-food inflation rate while Volta Region recorded the highest food inflation rate in October 2015.


Region

Food and

non-

alcoholic

Beverages

Non-foodCombined Food

and non-food

Western Region 7.6 23.0 16.8

Central Region 8.4 21.9 16.8

Greater Accra Region 7.9 24.1 18.5

Eastern Region 7.5 21.5 15.5

Volta Region 8.7 23.0 16.8

Ashanti Region 8.3 22.7 18.4

Brong Ahafo Region 5.7 24.3 17.2

Northern Region 8.1 20.2 15.1

Upper East Region 2.5 19.6 13.0

Upper West Region 8.0 25.1 18.6

NATIONAL 7.8 23.0 17.4


Upper West Region recorded the highest combined inflation rate in October 2015. Five commodity groups recorded inflation rates

higher than the regional average of 18.6%.

Upper West Region Weight Oct-15

Transport 0.1 44.1

Education 0.0 31.4

Recreation and Culture 0.0 23.6

Clothing and Footwear 0.1 20.7

Alcoholic Beverages, Tobacco and Narcotics 0.1 18.8

Hotels, Cafes and Restaurants 0.0 18.5

Housing, Water, Electricity, Gas and Other Fuels 0.1 18.2

Miscellaneous Goods and Services 0.1 17.9

Furnishings, Household Equipment and Routine Maintenance 0.0 17.9

Health 0.0 17.0

Food and Non-alcoholic Beverages 0.4 8.0

Communications 0.0 -0.1

Regional inflation rate (Combined food and non-food) 0.9 18.6



Upper West Region recorded the highest non-food inflation rate

in October 2015. Two commodity groups recorded inflation rates higher than the regional non-food inflation rate of 25.1%.

Upper West Region Weight Oct-15

Transport 0.1 44.1

Education 0.0 31.4

Recreation and Culture 0.0 23.6

Clothing and Footwear 0.1 20.7

Alcoholic Beverages, Tobacco and Narcotics 0.1 18.8

Hotels, Cafes and Restaurants 0.0 18.5

Housing, Water, Electricity, Gas and Other Fuels 0.1 18.2

Miscellaneous Goods and Services 0.1 17.9

Furnishings, Household Equipment and Routine Maintenance 0.0 17.9

Health 0.0 17.0

Communications 0.0 -0.1

Regional inflation rate (non-food) 0.5 25.1



Volta Region recorded the highest food inflation rate in October 2015. Four food sub-group recorded inflation rates higher than the regional food inflation rate of 8.7%.

Volta Region Weight Oct-15

Vegetables 1.6 13.5

Non-alcoholic beverages 0.3 8.9

Coffee, tea and cocoa 0.1 8.9

Mineral waters, soft drinks, fruits and vegetable juices0.0 8.9

Fish and seafood 1.7 8.1

Oils and fats 0.3 7.5

Meat and meat products 0.5 7.5

Milk, cheese and eggs 0.2 7.5

Fruits 0.2 7.2

Sugar, jam, honey, chocolate and confectionery 0.1 7.1

Cereal and cereal products 1.6 6.6

Food products n.e.c. 0.1 6.1

Regional inflation rate (food) 6.7 8.7


HIGHLIGHTS OF THE PRESENTATION


• In October 2015, the year-on year inflation rate was 17.4%, same as the rate recorded in September 2015.

• The monthly change rate in October 2015was 2.7% while that for September 2015was -0.1%.

• The year-on-year non-food inflation rate for October 2015 was 23.0% compared with the 23.2% recorded in September 2015.


• The year-on-year food inflation rate forOctober 2015 was 7.8%, same as the raterecorded for September 2015.

• The year-on-year non-food inflation rate (23.0%)was about three times higher than the foodinflation rate (7.8%).

• The year-on-year inflation rate for imported items (18.6%) for October 2015 was 1.7 percentage points higher than that of locally produced items (16.9%.)


• The main “price drivers”* for the non-food inflation rate were Recreation and Culture (29.9%), Education (28.8%), Transport (25.7%), Clothing and Footwear (24.5%), Furnishings, household equipment and routine maintenance (24.5%) and Housing, water, electricity, gas and other fuels (23.1%).

• The “price drivers” for the food inflation rate were Vegetables (13.6%) and Mineral water, soft drinks, fruit and vegetable juices (8.5%).

* Sub groups with high price changes over the year

21Press Release CPI October 2015

• Three regions (Upper West, GreaterAccra and Ashanti) recorded inflation rateshigher than the national average of 17.4%.

•The Upper West Region recorded the highest year-on-year inflation rate of 18.6% while the Upper East Region recorded the lowest (13.0%).


23Press Release CPI October 2015 23

E N DOF October 2015 CPI

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consumer price index · the food inflation rate for october 2015 was 7.8% (same as the rate...

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