Business News of Saturday, 16 March 2013
The rate at which the general price level of goods and services increase in the country went up to 10 per cent in February, from the January figure of 8.8 per cent, the highest rate since June 2010.
According to the Ghana Statistical Service (GSS), the consumer price index (CPI), which is used to measure the rate of price changes, otherwise known as inflation, recorded a monthly change rate of 2.6 per cent in February 2013.
Inflation rate, which is measured by the CPI, looks at the change over time in the general price level of goods and services that households acquire for the purpose of consumption.
Explaining the reason for the increase at a news conference in Accra on Wednesday, the acting government Statistician, Dr Philomena Nyarko, said the hikes in fuel prices, which reflected in increases in transportation, housing and gas prices, contributed in part to the inflationary pressures.
That notwithstanding, she said prices of other food items moved up which did not result from the hike in fuel prices, attributing it to the lean season where people had to pay more for fewer goods.
The year-on-year non-food inflation rate was 12.6 per cent, while the rate for January 2013 stood at 11.5 per cent.
“The price drivers for the non-food inflation rate were alcoholic beverages, tobacco and narcotics (15.9%), transport (15.8%) and housing, water, electricity, gas and other utilities (15.5%),” said Dr Nyarko.
Food inflation recorded a year-on-year change rate of 5.3 per cent, 1.4 per cent points higher than the 3.9 per cent recorded in January 2013.
The price drivers here, she explained, were mineral water, soft drinks and juices which recorded 15.7 per cent; milk, cheese and eggs which had 15.3 per cent inflation; the coffee, tea and cocoa sub-group also contributed 11.6 per cent with meat sub-group contributing 10.9 per cent.
On the regional level, the Northern Region recorded the highest year-on-year inflation rate of 12.0 per cent, followed by Greater Accra with 11.4 per cent, while the Western Region recorded the least rate of 7.4 per cent.