The inflation rate in Ghana increased to 12.3 percent in August of 2017 from 11.9 percent in July.
It is the highest increase in inflation rate since March of 2016, mainly due to a base drift effect compared to the index a year ago and higher petroleum prices.
In addition, the government recently introduced a 3 percent flat VAT, replacing the 17.5 percent rate, thus increasing prices of several items, mainly imported ones.
Year-on-year, prices advanced faster for the non-food group (14.7 percent compared to 14.2 percent in July), namely transport which recorded the highest inflation (22.3 percent compared to 22 percent in July);
housing and utilities (6.8 percent vs 6.2 percent); clothing and footwear (16.6 percent vs 15.7 percent);
miscellaneous goods and services (16.1 percent vs 14.8 percent in July); furnishings, household equipment and routine maintenance (19 percent from 18.7 percent) and recreation and culture (19.5 percent from 19.2 percent).
Meanwhile, inflation was steady for health (13.8 percent) and communication (9.6 percent).
Food inflation rose to 7.4 percent from 7.2 percent. Prices went up faster for fish and sea food (14.6 percent vs 14.4 percent) but slowed for meat and meat products (9.5 percent compared to 10.1 percent)
On a monthly basis, consumer prices fell 0.2 percent asfter rising 0.7 percent in July.
Credit: Trading Economics
( by Stefanie Moya)