Inflation: 2012 end-of-year target missed but drops to 8.8%

Ghana -

Inflation ended the year at 8.8 percent despite spending during the elections and the Christmas season. 
It however could not meet the end-period target of 8.5 percent. The 0.5 percent drop in year-on-year inflation in December, according to Acting Government Statistician Dr. Philomena Nyarko, was basically due to stability in the foreign exchange market and unchanged transport fares.
Food inflation remained unchanged at 3.9 percent while non food inflation reduced from 12.4 percent to 11.6 percent.
Explaining why inflation ended the year at single digit, Dr. Nyarko  told XYZ BUSINESS there was a marginal increase in the monthly inflation. 
The Greater Accra region ended the year as the region with the highest inflation rate of 11.2 followed by the Central and Northern regions with a rate of 9.4 and 8.9 percent respectively.
Meanwhile, the country grew at a rate of 1.7 percent of GDP during the third quarter of last year. This was against 3.2 percent during the second quarter.
The agriculture sector recorded the highest growth rate of 4.6 percent followed by industry with a rate of 3.6 percent. The services sector however recorded a negative growth of 2.2 percent.
Acting Government Statistician explains the performance of activities in the various sectors.