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PRESS RELEASE CONSUMER PRICE INDEX AND INFLATION 13th November 2019 In this release, we present: Definition and Measurement of Consumer Price Index (CPI) and Rate of Inflation CPI and Rate of Inflation for October 2019 Drivers of Inflation Disaggregation of October 2019 Rate of Inflation Highlights Ghana Statistical 2 CPI release October 2019

Definition and Measurement of CPI and Rate of Inflation (1/2) CPI measures changes in the price of a fixed basket of goods and services purchased by households The assumption is that the basket is purchased each month, hence as price changes each month, the total price of the basket will also change The rate of inflation is the relative change in CPI between periods Inflation is reported year-on-year (annual inflation) and monthon-month (monthly inflation) Ghana CPI release Statistical 3 October 2019 Definition and Measurement of CPI and Rate of Inflation (2/2) CPI does not measure price levels CPI is a price perspective measure and cost-of-living index is an expenditure oriented measure

Data (market readings) are captured monthly Key variables are prices, quantities and expenditure weights of items Price reference year is 2018 (2018 = 100) Ghana Statistical 4 CPI release October 2019 CPI and Rate of Inflation for October 2019 CPI for October 2019 was 109.0 relative to 108.6 in September 2019 Year-on-year inflation rate for October 2019 was 7.7% This means that in the month of October 2019 the general price level was 7.7% higher than in October 2018 Month-on-month inflation between September 2019 and October 2019 was 0.4% Recall: Year-on-year inflation between September 2018 and

September 2019 was 7.6% Month-on-month inflation between August 2019 and September 2019 was -0.1% Ghana CPI release Statistical 5 October 2019 Drivers of Inflation Food and nonalcoholic beverages remain the driver of inflation, but less then earlier months Ghana Statistical

6 Transport contributed the highest increase of contribution to inflation CPI release October 2019 Disaggregation of October 2019 Rate of Inflation Food inflation was 7.0% Non-food Inflation was 8.2% Inflation for locally produced items was 6.5% Inflation for imported items was 8.9% Ghana Statistical 7 CPI release

October 2019 Disaggregation of year-on-year inflation by Division Ghana Statistical 8 CPI release October 2019 Disaggregation of YoY and MoM Inflation by Sub-Division Ghana Statistical 9 CPI release October 2019

October 2019 Regional Rate of Inflation 3 regions, Greater Accra (11.8%), Central (9.2%) and Volta (8.9%), recorded inflation rates above the national average of 7.7% Upper East region had the lowest year-on-year inflation rate (3.6%) Ghana Statistical 1 0 CPI release October 2019 YoY Regional Rate of Inflation for August October 2019

Ghana Statistical 11 CPI release October 2019 Regional Food and Non-Food Rate of Inflation for October 2019 Ghana Statistical 12 CPI release October 2019 Disaggregation of Inflation in Greater Accra for October 2019 Year-on-year Inflation Rate (%), October 2019, Greater Accra Region

Year-on-year Food Inflation (%), October 2019, Greater Accra Region Greater Accra Region Education Services Personal care, social protection and miscellaneous goods and services Restaurants and accommodation services Food and Non-Alcoholic Beverages Alcoholic Beverages, Tobacco and Narcotics Health Recreation, sports and Culture Housing, water, electricity, gas and other fuels Transport Clothing and Footwear Furnishings, Household Equipment and Routine maintenance Weight 2.7 Oct-19

21.9 Greater Accra Region - Food Fruits and nuts Weight 0.4 Oct-19 50.2 0.6 13.8 Fish and other seafood 1.6 21.3 1.3

11.2 0.5 0.2 0.6 3.6 3.9 1.8 13.6 12.5 8.9 5.2 4.8 4.8 4.1 3.9 0.0 0.1 0.1 2.0 2.7

0.3 0.2 0.2 19.5 18.1 16.7 13.2 12.8 9.9 9.5 9.0 0.8 1.2 0.9 6.2 Information and communication

1.2 1.0 Coffee and coffee substitutes Water Fruit and vegetable juices Cereals and cereal products Ready-made food and other food products Oils and fats Soft drinks Sugar, confectionery and desserts Live animals, meat and other parts of slaughtered land animals Vegetables, tubers, plantains, cooking bananas and pulses Milk, other dairy products and eggs Tea, mat and other plant products for infusion Greater Accra - Food 2.4

4.7 0.4 0.0 3.5 -6.3 12.5 Greater Accra - Combined Ghana Statistical 11.8 13 CPI release October 2019

Highlights Year-on-year October 2019 inflation was 7.7% The monthly change rate recorded for October 2019 compared to September 2019 was 0.4% The differential inflation rate between food (7.0%) and nonfood inflation (8.2%) was 1.2 percentage points The differential inflation rate between locally produced items (6.5%) and imported items (8.9%) was 2.4 percentage points Ghana Statistical 14 CPI release October 2019 End of Press Release for October 2019 Consumer Price Index For enquiries, please contact: Mr. John F.K. Agyaho (Head, Price Statistics, GSS) [email protected] Ghana

Statistical CPI release October15 2019 PRESS RELEASE Consumer Price Index and Inflation Ghana Statistical CPI release October 2019

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