Inflation records marginal increase

Food MarketGhana’s annual consumer price inflation shot up marginally to 16.5 per cent in February, from 16.4 per cent in January, driven by food prices.

Speaking at a news conference in Accra yesterday, Dr. Philomena Nyarko, Government Statistician, said the price drivers were food items, mainly the local staples.

She said food inflation rose by 0.1 percentage point to 7.0 per cent in February while the rate of inflation for non-food items remained unchanged at 23.0 per cent.

She said the non-food group recorded an inflation rate of 23.0 per cent in February 2015, the same as January 2015 stressing that the two sub-groups recorded an inflation rate higher than the group average rate of 23.0 per cent.

Dr. Nyarko noted that housing, water, electricity, gas and fuels recorded the highest rate of 28.0 per cent followed by transport 25.2 per cent and communication sector 12.6 per cent.

At the regional level, she said the Central, Volta, Upper East and Ashanti region; recorded inflation rate above the national average rate of 16.5 per cent stressing Central region recorded the highest inflation rate of 20.0 per cent.

She explained that the Central Region continued to record high inflation due to limited industries in the region; noting that most commodities consumed in the region were mostly transported.

“Due to the number of educational institutions scattered in the region, the limited commodities available are chased by majority thereby, causing the high prices of goods and services,” she said.

The CPI measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2012, the base year which has an index of 100.

By Bernard Benghan

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