Cedis’ impact on inflation not estimated yet – GSS

The Government Statistician has admitted that the fall of the local currency is a major cause of rising inflation in the country though her outfit, Ghana Statistical Service, is yet to assess its impact.

“Obviously, the depreciation of the Cedi will affect imported goods,” Dr Philomena Nyarko said.

“So there will be some impact only that we have not been able to assess the level of impact.”

She made this pronouncement in Accra on Wednesday, when she announced the inflation figure for May, 2014.

The figure inched up by 1.0 per cent from April’s figure of 14.7 per cent.

Housing, Water and Electricity were named as the commodities that had a massive impact on the rate.

Non-Food rate was pegged at 20.0 per cent while Food rate was pegged at 8.0 per cent.

According to Dr Nyarko, the margin of rates over the past three months has recorded a decline.

“There is a base drift effect because the previous figures were low, any change that happens will reflect a higher change.”

Greater Accra Region recorded the highest regional rate of 16.1 percent in May while the Upper West Region recorded the lowest rate of 11.2 per cent.