May 2015: Inflation shoots to 16.9%

• Posted on June 11, 2015
• by Nana Kwesi Coomson
• Comment

Year-on-year inflation for May 2015 as measured by the Consumer Price Index (CPI) recorded 16.9 percent in May 2015, up from 16.8 percent recorded in April 2015.

The monthly change rate for May 2015 was one percent compared to 1.8 percent recorded for April 2015.

Government Statistician, Dr. Philomena Nyarko, who was addressing a press conference in Accra yesterday, said the food and non-alcoholic beverages group recorded inflation of 7.3 percent.

“This is 0.1 percent point higher than the 7.2 percent recorded in April 2015,” she said.

Dr. Nyarko said seven subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 7.3 percent.

She said the non-food group recorded inflation rate of 23.4 percent in May 2015 compared to 23.2 percent recorded in April 2015.

Dr. Nyarko said four subgroups recorded inflation higher than the group’s average rate of 23.4 percent.

The Government Statistician said housing, water, electricity, gas and other fuels recorded the highest rate of 25.4 percent followed by transport with 25.2 percent, clothing and footwear with 24.4 percent and furnishings, household equipment and routine maintenance with 23.5 percent.

She said inflation was lowest in the communication subgroup, recording 13.1 percent.

Regional Differentials

At the regional level, Dr. Nyarko said inflation ranged from 15.4 percent in both the Upper West and Western regions to 19 percent in the Central region.

Five regions- Central, Ashanti, Volta, Upper East and Greater Accra- recorded inflation rates above the national average of 16.9 percent.

By Cephas Larbi