Ghana’s inflation hits 16.5%

• Posted on March 12, 2015March 12, 2015
• by Nana Kwesi Coomson
• Comment

The year-on-year inflation rate as measured by the Consumer Price Index (CPI) in February 2015 was 16.5 percent, according to the Ghana Statistical Service (GSS).

Government Statistician, Dr. Philomina Nyarko, who made this known at a press conference yesterday in Accra, said the 16.5 inflation rate represented an increase of 0.1 percentage point from the 16.4 percent recorded in January 2015.

According to Dr. Nyarko, the monthly change rate for February 2015 was 1.2 percent compared to the 3.4 percent recorded for January 2015.

Food, Non-Food Inflation

The food and non-alcoholic beverages group, she said, recorded year-on-year inflation rate of 7.0 percent.

This, according to her, was 0.1 percentage point higher than the 6.9 percent recorded in January 2015.

She indicated that the non-food group recorded a year-on-year inflation rate of 23.0 percent in February 2015.

“Housing, water, electricity, gas and other fuels recorded the highest rate of 28.6 percent followed by transport with 25.2 percent. Inflation was lowest in the communication sub-group (12.6%), she stated.

The main price drivers for the non-food inflation rate were housing, water, electricity, gas and other fuels (28.6%) and transport (25.2%), she stated.

According to her, the price drivers for the food inflation rate were mineral water, soft drinks, fruits and vegetable juices (17.3%), coffee, tea and cocoa (16.4%), food products (15.7%), sugar, jam, honey, chocolate and confectionery (15.1%), meat and meat products (13.9%), milk, cheese and eggs (22.6%) and cereals and cereal products (8.3%).

At the regional level, Dr. Nyarko stated that the year-on-year inflation rate ranged from 13.3 percent in the Upper West Region to 20.0 percent in the Central Region.

Four regions namely Central, Volta, Upper East and Ashanti, the Chief Statistician said, recorded inflation rates above the national average of 16.5 percent, adding that “Northern region recorded the same inflation rate as the national average of 16.5 percent.”

BY Melvin Tarlue