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Inflation for August shoots up to 12.3 percent

Inflation for the month of August increased to 12.3 percent from July’s figure of 11.9 percent.

The rate recorded in August is the highest so far since the beginning of the year.

What this means is that the prices of goods and services within the period increased by about 0.4 percent.

Providing a breakdown of the Consumer Price Inflation figures for the month under review, the Acting Government Statistician Baah Wadie said the monthly change rate for August 2017 was negative (-) 0.2percent, which meant that the general price level went down by 0.2percent between July 2017 and August 2017.

He further noted that the monthly change rate recorded for July 2017 was 0.7 percent, saying looking at the consumer price indices for June, July and August 2017 “we have the base year or  the reference period as 2012 which has an index of 100 and we relate all indices to that of the base year.”

He continued that the service had some indications of imported inflation going up, where fuel was quite high compared to the previous year and the imposition of a flat VAT rate affecting all commodities, particularly imported items pushing up the inflation.

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