Ghana’s inflation hits 16.6%

• Posted on April 16, 2015April 16, 2015
• by Nana Kwesi Coomson
• Comment

Year-on-year inflation for March this year was 16.6 percent compared to 16.5 percent recorded in February 2015.

The monthly change rate in March 2015 was 1.0 percent compared to 1.2 percent recorded in February 2015.

The year-on-year non-food inflation rate for March 2015 was 23.1 percent as against 23.0 percent in February 2015, this is more than three times the food inflation rate of 7.2 percent.

For February 2015, the food inflation rate was 7.0 percent.

The year-on-year inflation rate for imported items of 21.3 percent is about one and half times higher than the February rate of 14.9 percent.

The main ‘price drivers’ for the non-food inflation rate were housing, water, electricity, gas and other fuels (26.2 percent) and transport (25.8 percent) while the ‘price drivers’ for the food inflation rate were mineral water, soft drinks, fruits and vegetable juices  (17.4 percent), coffee, tea and cocoa (16.6 percent), food products n.e.c. (16.0 percent), sugar, jam, honey, chocolate and confectionery (14.5 percent); meat and meat products (13.5 percent); milk, cheese and eggs (13.4 percent); as well as cereals and cereal products (7.8 percent).

Three regions (Central, Ashanti and Volta) recorded inflation rates higher than the national average of 16.6 percent. Greater Accra region recorded the same inflation rate as the national figure.

The Central Region recorded the highest regional year-on-year inflation rate of 19.2 percent while the Brong Ahafo Region recorded the lowest (14.3 percent).

By Samuel Boadi