Annual Inflation rises to 9.3 per cent in May

The annual inflation rate rose slightly higher to 9.3 per cent in May compared to 9.1 per cent in April.

“The monthly rate has been increasing since March 2012 led by non-food inflation, which is more than two and half times higher than the food group,” Dr. Philomena Nyarko, Acting Government Statistician, announced at a press briefing in Accra on Wednesday.

"The monthly change rate for May was 2.0 % which means the general price level went up by 2.0 % for the one month period between April and May,” she said.

The rate for April was 1.6%.

The non-food group recorded an average rate of 11.9%, while the food group average stood at 5.0 %.

Dr. Nyarko said six sub groups in the non-food basket recorded year-on-year inflation rates above the group’s average rate with transport recording the highest rate of 20.1 per cent.

Alcoholic beverages, tobacco and narcotics shot up to 16.5%.

“The main contributors to the non-food inflation of 11.9% were clothing and footwear, transport and furnishings, household equipment,” she said.

On the other hand, Dr. Nyarko said local food products were responsible for the low inflation in the food and non-alcoholic beverages group.

Bread, cereals and fish sub-groups were the major contributors to the May food inflation rate of 5.0 per cent.

At the regional level, the year-on-year inflation rate ranged from 5.6% in the Upper East and West Regions to 12.4% in the Central Region.

Central, Ashanti and Greater Accra regions recorded inflation rates above the national average of 9.3%.**