February inflation rate increases marginally

Ghana’s inflation rate for the month of February slightly rose to 9.2 per cent from 9.0 per cent recorded in January, the Ghana Statistical Service (GSS) has said.

The monthly change rate for February was 1.0 per cent same as recorded for January 2019.

Speaking at a press briefing in Accra on Wednesday, the Acting Government Statistician David Yenukwa Kombat explained that the increase in the rate of inflation was as a result of price increase in coffee, fruits and mineral water.

Food sub-sector

He said the food sub-sector recorded inflation rate of 8.1 per cent which was 0.1 per cent higher than 8.0 per cent recorded in January.

 He indicated that four sub-groups in the food sector such as coffee, tea and cocoa, fruits, mineral water and meats and meat products recorded rates higher than the average rate of 8.1 per cent

Non food group

Meanwhile, the non-food group recorded a 9.7 per cent increase in February as compared to 9.5 per cent realised in January this year.

He noted that the non-food sector’s 9.7 per cent was 1.6 percentage points higher than the food inflation rate of 8.1 per cent.

Mr Kombat said five sub-groups in the non-food sector recorded rates higher than the groups’ average rate of 9.7 per cent.

The sub-groups were clothing and footwear (13.3 per cent), recreation and culture (13.2 per cent), transport (12.8 per cent) furnishing, household equipment and routine maintenance (11.6) and miscellaneous goods (10.0 per cent)

 He stated that inflation rate for imported items was 10.6 per cent in February as compared to the10.8 per cent recorded in January 2019.

For locally produced items, Mr Kombat said the rate went up by 8.6 per cent in February, compared to the 8.3 recorded in January 2019.

Imported items

According to Mr Kombat, the inflation rate for imported items in February was 2.0 percentage points higher than that of locally produced items

Regional rates

At the regional level, four regions namely Upper West, Brong-Ahafo, Western and Ashanti recorded inflation rates above the national average and Volta Region recorded the same inflation rate as the national average of 9.2 per cent.

Upper West Region recorded the highest year-on-year inflation rate of 11.4 per cent followed by Brong-Ahafo Region 10.2 per cent, while the Upper East Region recorded the lowest year-on-year inflation rate of 7.9 per cent in February.

 The Consumer Price Index (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 price level in 2012, the base year which has an index of 100.

 By Jemima Esinam Kuatsinu

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