powerpoint-presentatie · 2019. 12. 11. · title: powerpoint-presentatie author: laurent smeets...

CONSUMER PRICE INDEX AND INFLATION

11th December 2019

PRESS RELEASE

GhanaStatistical Service

CPI releaseNovember 2019

In this release, we present:▪Definition and Measurement of Consumer Price Index (CPI) and rate of

inflation

▪CPI and rate of inflation for November 2019

▪Drivers of inflation

▪Disaggregation of November 2019 rate of inflation

▪Highlights

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GhanaStatistical Service

CPI releaseNovember 2019

▪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 month-on-month (monthly inflation)

Definition and measurement of CPI and rate of inflation (1/2)

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GhanaStatistical Service

CPI releaseNovember 2019

▪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)

Definition and measurement of CPI and rate of inflation (2/2)

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GhanaStatistical Service

CPI releaseNovember 2019

▪CPI for November 2019 was 109.7 relative to 109 in September 2019

▪Year-on-year inflation rate for November 2019 was 8.2%

▪This means that in the month of November 2019 the general price level was 8.2% higher than in November 2018

▪Month-on-month inflation between October 2019 and November 2019 was 0.7%

▪Recall:

• Year-on-year inflation between October 2018 and October 2019 was 7.7%

• Month-on-month inflation between September 2019 and October 2019 was 0.4%

CPI and rate of inflation for November 2019

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GhanaStatistical Service

CPI releaseNovember 2019

Drivers of inflation ▪Food and non-

alcoholic beverages remains the main drivers of inflation

▪Housing is a more important driver of inflation

▪Transport is a less important driver of inflation

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GhanaStatistical Service

CPI releaseNovember 2019

Disaggregation of November 2019 Rate of Inflation

▪ Food inflation was 8.4%

▪ Non-food Inflation was 8.0%

▪ Inflation for locally produced items was 8.4%

▪ Inflation for imported items was 7.5%

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GhanaStatistical Service

CPI releaseNovember 2019

Disaggregation of year-on-year inflation by Division

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GhanaStatistical Service

CPI releaseNovember 2019

Disaggregation of YoY and MoM Food inflation by Subclass

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GhanaStatistical Service

CPI releaseNovember 2019

November 2019 regional rate of inflation▪3 regions, Greater Accra (12.8%),

Central (10.0%) and Volta (9.5%), recorded inflation rates above the national average of 8.2%

▪Upper East region had the lowest year-on-year inflation rate (3.5%)

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GhanaStatistical Service

CPI releaseNovember 2019

YoY regional rate of inflation for August – November 2019

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GhanaStatistical Service

CPI releaseNovember 2019

Regional Food and Non-Food of inflation for November 2019

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GhanaStatistical Service

CPI releaseNovember 2019 12

Imported and local goods inflation August – November 2019

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GhanaStatistical Service

CPI releaseNovember 2019

Disaggregation of inflation in Greater Accra for November 2019

Greater Accra Region Weight (%) Greater Accra Region - Food Weight (%)

Housing, water, electricity, gas 3.6 19.4 Fruits and nuts 0.4 42.4

Food and Non-Alcoholic Beverages 11.3 15.3 Fish and other seafood 1.6 23.2

Alcoholic Beverages, Tobacco & Narcotics 0.5 13.9 Coffee and coffee substitutes 0.0 19.8

Personal care and miscellaneous goods 0.6 13.3 Vegetables 2.4 18.9

Transport 3.9 10.9 Water 0.1 17.8

Clothing and footwear 1.8 10.8 Fruit and vegetable juices 0.1 17.0

Recreation, sport and culture 0.6 10.7 Ready-made food 2.7 13.1

Education services 2.7 10.2 cereal products 2.0 12.2

Health 0.2 9.9 Soft drinks 0.2 9.5

Household equipment and maintenance 0.8 8.5 Sugar and desserts 0.2 9.5

Information and communication 1.2 0.2 Oils and fats 0.3 9.4

Restaurants and accommodation services 1.3 0.0 Live animals and meat 0.9 5.2

Milk, dairy products and eggs 0.4 3.5

Tea and maté 0.0 -6.3

Greater Accra - Combined 12.8 Greater Accra - Food 15.3

Year-on-year inflation (%), November 2019, Greater

Accra Region

Year-on-year Food inflation (%), November 2019,

Greater Accra Region

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GhanaStatistical Service

CPI releaseNovember 2019

Highlights

▪Year-on-year November 2019 inflation was 8.2%

▪The monthly change rate recorded for November 2019 compared to October 2019 was 0.7%

▪The differential inflation rate between Food (8.4%) and Non-food inflation (8.0%) was 0.4 percentage points

▪The differential inflation rate between locally produced items (8.4%) and imported items (7.5%) was 0.9 percentage points

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GhanaStatistical Service

CPI releaseNovember 2019

End of Press Release forNovember 2019 Consumer Price Index

For enquiries, please contact:

Mr. John F.K. Agyaho(Head, Price Statistics, GSS)

john.agyaho@statsghana.gov.gh

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GhanaStatistical Service

CPI releaseNovember 2019

PRESS RELEASE

Consumer Price Index and Inflation

November 2019