Ghana’s inflation shoots up

The inflation rate for April 2015 stood at 16.8 per cent with an increase of 0.2 per cent from the 16.6 per cent recorded in March.

The year-on-year inflation rate is measured by the Consumer Price Index (CPI).

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.

Dr Philomena Nyarko, the Government Statistician, speaking on Wednesday at the Ghana Statistical Service monthly press briefing in Accra, said the monthly change rate for April 2015 was 1.8 per cent compared to the 1.0 per cent recorded for March 2015.

She said the food and non-alcoholic beverages group recorded a year-on-year rate of 7.2 per cent; adding; “this is the same as the food and non-alcoholic beverages group recording inflation rates higher than the group’s average rate of 7.2 per cent”.

Dr Nyarko said the non-food group recorded a year-on-year inflation rate of 23.2 per cent in April 2015, compared to 23.1 per cent recorded for March 2015.

She said three sub-groups recorded year-on-year inflation rates higher than the group’s average rate of 23.2 per cent.

Housing, water, electricity, gas and other fuels recorded the highest rate of 25.0 per cent, followed by transport, clothing and footwear with 24.5 per cent and 23.7 per cent respectively.

Dr Nyarko said inflation was lowest in the communications sub-group of 13.0 per cent.

At the regional level, Dr Nyarko said, the year-on-year inflation rate ranged from 14.1 per cent in the Eastern Region to 18.9 per cent in the Central Region.

She said the Central, Greater Accra and Ashanti regions recorded inflation rates above the national average of 16.8 per cent.

– GNA