Inflation inches up again at 13.2%

Accra, March 14, GNA - February 2008 Inflation rate rose at 13.21 per cent, representing an increase of 0.4 per cent from the previous month, the Ghana Statistical Service (GSS) announced on Friday. This is compared to 1.17 percentage change in the rate between December 2007 and January 2008.

The year-on-year rate of inflation (inflation over-the-12 months or what is also called point-point inflation) for February therefore is 13.21 per cent compared to 12.81 per cent in January 2008.

High prices of fish, bread and cereals were identified to have accounted for the surge in the inflation rate, making them major contributors within the food group.

Fish alone contributed 0.89 points whilst bread and cereal contributed 0.55 points in the basket of the Consumer Price Index. Briefing the press in Accra, Mr Magnus Ebow Duncan, Head of Economics and Statistics at GSS, said other contributors were vegetables including potatoes and other tuber vegetables group, which accounted for 0.38 points while the meat group recorded 0.35 points.

Mr Duncan said the Regional Consumer Price Index showed that Eastern and Northern regions topped once again with 20.44 per cent and 18.33 per cent respectively.

The Ashanti Region remained the lowest at 8.86 from 9.92 in January whilst the Upper regions also recorded a single digit inflation rate of 9.46 per cent.

The CPI for the month of February 2008 was 236.18 with respect to the base year (average 2002) and compared to February 2007 of 208.62.