The year-on-year (y/y) consumer inflation rate as measured by the Consumer Price Index was 11.6% in October 2017, a decline of 60bps from 12.2% recorded in September 2017. This is the lowest inflation rate recorded in a little over four (4) years from September 2013.
The decline in inflation in October was driven by a decline in non-food inflation which recorded y/y inflation of 13.2%, compared with y/y inflation of 14.1% in September 2017. The decline in non-food inflation was driven largely by significant declines in health, transport, recreation and culture and furnishings, household equipment and routine maintenance.
The food and non-alcoholic subgroup on the other hand recorded y/y inflation of 8.2% in October 2017, compared with 8.1% in September 2017.
On the regional front, the Upper East region recorded the lowest y/y inflation of 9.1% whilst the Greater Accra and Western regions recorded the joint highest y/y inflation of 12.3%. Three (3) regions recorded inflation rates lower than the national average of 11.6%. Two (2) regions recorded the national average rate of 11.6% and the remaining five (5) regions recorded inflation rates higher than the national average.