October Inflation down to 9.2%

By Fred Sarpong

The October 2012 consumer price index shows that inflation is on a downward trend even during an election year.

The year-on-year inflation as recorded by Consumer Price Index (CPI) stood at 9.2% in October 2012, down from the 9,4% recorded in September, this year.

This rate of inflation for October 2012 is the percentage change in the CPI over the 13 month period from October 2011 to October 2012.

The October 2012 inflation rate of 9.2% marks 29 consecutive months of single digit inflation rate in the country.

The monthly change rate for October 2012 was negative 1.0%, that is the general price level declined by -1.0% between September and October compared to a decline of 1.5% between August and September 2012.

The drop in inflation for three months running was mainly on account of the decline in food inflation, which dropped from 5.5% in July down to 4.1% in October.

Eight sub-groups of the food and non-food alcoholic beverages group recorded inflation rates above the group’s average inflation rate of 4.1%.

Non-food inflation similarly dropped from 12.5% in August to 12.2% in October. Seven sub groups recorded year-on-year inflation rates above the group’s average rate of 12.2%. Transport recorded the highest rate of 20.6% followed by Alcoholic beverages, tobacco and narcotics with 16.1%. Inflation was lowest in the communications subgroup.

At the regional level, the year-on-year inflation rate ranged from 6.6% in the Volta region to 11.0% in the Central region. Four regions, namely Central 11.0%, Greater Accra 10.9%, Northern 9.7%, and Ashanti 9.6% recorded inflation rates above the national average of 9.2%.

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