Inflation hits 13%

• Posted on May 12, 2017May 12, 2017
• by Nana Kwesi Coomson
• Comment

The annual (year-on-year) inflation rate for April 2017 was 13 percent compared to 12.8 percent recorded in March 2017.

This means that the general price level went up by 1.6 percent between March 2017 and April 2017.

The monthly change rate for April 2017 was 1.6 percent compared to 1.3 percent recorded for March 2017.

The inflation rate measures the average rise in the prices of all consumer goods and services in the country.

The food inflation rate for April 2017 was 6.7 percent compared to 7.3 percent recorded in March 2017, while the non-food inflation rate for April 2017 was 16.3 percent compared to 15.6 percent recorded in March 2017.

Within the Food group, three sub-groups recorded inflation rates higher than the group’s average of 6.7 percent, while within the Non-food group, five sub-groups recorded inflation rates higher than the group’s average of 16.3 percent.

Price Drivers

The main “price drivers” for the non-food inflation rate were Transport (24.9%), Recreation and culture (22.3%), Furnishings, household equipment and routine maintenance (21.9%), Miscellaneous goods and services (16.8%) and Clothing and footwear (16.7%).

The “price drivers” for the food inflation rate were Fish and sea food (13.6%), Meat and meat products (10.9%) and Coffee, tea and cocoa (7.2%).

Regional Differentials

Four regions (Greater Accra, Upper West, Brong Ahafo and Ashanti) recorded inflation rates higher than the national average and Western Region recorded the same inflation rate as the national average of 13 percent.

The Greater Accra Region recorded the highest year- on-year inflation rate of 14.2 percent, followed by the Upper West Region with 13.7 percent while the Volta Region recorded  the lowest (10.7%).

BY Cephas Larbi