GSS to complete work on inflation rebasing

Market in GhanaThe Ghana Statistical Service (GSS) is in the final stages of re-basing the Consumer Price Index (CPI), which helps to calculate consumer inflation, to reflect the current expenditure and consumptions patterns of the citizens.

According to the GSS, the re-basing of the CPI means bringing in more products and services onto the CPI basket, to show current expenditure and consumption patterns.

Barring any unforeseen circumstances, the GSS would announce the new re-based CPI by the middle of August this year.

The Director of Economic Statistics Directorate of the GSS, Asuo Afram, told the Ghanaian Times in interview in Accra said the CPI measured the change in price of consumer goods and services.

Mr Afram said the CPI was re-based every five years in Ghana to reflect the current trends, pointing out that in future  if the GSS got  the necessary resources, it would do the re-basing of the  CPI every year.

The Director of Economic Statistics Directorate of GSS disclosed that the goods and services for the fixed CPI basket had been increased from the current 267 to about 400 items.

He explained that main input of the CPI was monthly price data of goods and services, and pointed out that the base year for the new CPI would be 2017,   and the new rebase indices from January 2017 to July 2018 and the new inflation figures start from January to July 2018.

Among other measures to improve the CPI, Mr Afram said the GSS would deploy the use of electronic devices in collecting the data on price of goods and services.

The Director of Economic Statistics Directorate entreated the public and market women to co-operate with the GSS in the collection of the prices of goods and services, insisting that the collection data on the prices goods and services were not meant for tax purposes.

 

 

 

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