Ghana’s inflation for December 2010 dips at 8.58%

Ghana’s inflation for the month of December 2010 has dropped to 8.58% the Ghana Statistical Services (GSS) announced today in Accra.

The country’s inflation rate at 8.58% becomes the lowest since 1992.

In November 2010, the inflation rate fell to 9.8%.

The GSS says general price level for the month was 1.13% lower than November 2010.

At the beginning of 2010 the inflation rate was 14.78% in January.  The cumulative decline between January 2010 and December 2010 is 6.20 percentage points according to the GSS.

It says the downward pressure on inflation can be attributed to both the food and non-alcoholic beverages group and the non-food group. The food and non-alcoholic beverages group recorded single digit inflation rate throughout the year, while non-food inflation rate, though declining, has been recording double digit inflation rates, it added.

Ghana’s inflation rate has largely been projected to fall this year as the economy grows following the commercial production of oil. The Ministry of Finance predicted the year 2010 would end with an inflation rate of 9.2%.

By Emmanuel K. Dogbevi