Inflation rate for March jumps to 19.4%… highest since August 2009

The country’s inflation rate rose the highest in 13 years in March as the prices of food and transport saw an increase on the back of rising cost of fuel.

The year-on-year inflation rate jumped to 19.4 per cent in March from 15.7 per cent in February, the highest since August 2009.

The month-on-month change in inflation rate between February and March stood at 4.0 per cent.

Professor Samuel KobinaAnnim, the Government Statistician, who announced this in Accra yesterday, said the March annual inflation rate was influenced by food and transport.

He said food inflation jumped to 22.4 per cent in March from 17.4 per cent in February, with a month-on-month change rate of 4.5 per cent, adding that the average food inflation for the past 12 months stood at 11.8 per cent.

Prof.Annim said transport recorded the highest rate of inflation of 27.6 per cent in the month of March, with the year-on-year average from April 2021 to March 2022 at 15.4 per cent.

He said the non-food inflation for March stood at 17.0 per cent, which was 3.7 per cent higher than the rate recorded in February month-on-month.

Prof. Annim indicated that the average non-food inflation for the past 12 months stood at 11.3 per cent.

He said food inflation year-on-year had extended its dominance over non-food inflation since February.

Food inflation in February was 17.4 per cent while non-food inflation stood at 14.5 per cent, and food inflation for March is 22.4 and non-food inflation of 17.0 per cent.

Prof.Annim said food and non-alcoholic beverages (22.4 per cent), housing and water (21.4 per cent) and electricity and gas (20.4 per cent) recorded inflation rates above the national average of 19.4 per cent.

The Government Statistician said inflation for locally produced goods in March rose to 20.0 per cent from 16.7 per cent in February.

Inflation for the imported items, on the other hand, Prof.Annim said also rose to 17.3 per cent in March from 12.9 per cent in February.

On region inflation figures, Prof.Annim said the BrongAhafo recorded the highest inflation rate of 23.1 per cent, followed by Northern Region at 22.0 per cent.

Vegetables recorded the highest year-on-year inflation rate at 47.2 per cent in BrongAhafo and water recorded the lowest inflation rate of 2.4 per cent.

Upper East, he said recorded the lowest rate of inflation at 12.5 per cent, followed by Western Region at 14.8 per cent and the Ghana Statistical Service for statistical  purposes still maintains the names of the old regions.

BY KINGSLEY ASARE

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