Inflation shoots up to 16.9%

Inflation has shot up from 16.7% in July to 16.9% in August  2016.

Inflation for imported items also rose from 15.2 in July to 17.3 in August.

Locally produced items however dropped from 17.3% in July to 16.7% in August.

Greater Accra recorded the highest combined inflation rate of 20.1%, Ashanti region came second with 18.5% while Upper East recorded the lowest of 11.8%.

The non-food and non-alcoholic beverages group recorded a year on year inflation rate of 8.5%.

This is 0.1 percentage point lower than the rate recorded in July 2016. The non -food inflation group recorded a year on year inflation rate of 21.5 % in August 2016, compared to the 21.2% recorded for July 2016.

Price drivers for the non-food items include; Education, Housing, Water, Transport among others while the price drivers for the food inflation includes; vegetables, mineral water, coffee, tea, Cocoa among others.

The government statistician, Philomena Nyarko, blamed the rise in the August inflation rate on the Non- food sector and the increase in import inflation rate.

According to her, prices of goods are on the ascendancy due to uncertainties around the impending elections.

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