The Ghana Statistical Service has announced that the Inflation Rate for February 2018 rose to 10.6%, representing a 0.3% increase from the 10.3% recorded in January, 2018.
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Announced at a news conference, the GSS said “the year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 10.6 percent in February 2018, up by 0.3 percentage point from the 10.3 percent recorded in January 2018."
This rate of inflation for February 2018 is the percentage change in the Consumer Price Index (CPI) over the twelve month period, from February 2017 to February 2018. The monthly change rate for February 2018 was 0.9 percent compared to the 1.4 percent recorded for January 2018.”
The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 7.2 percent. This is 0.4 percentage point higher than the rate recorded in January 2018. Six subgroups of the food and nonalcoholic beverages group recorded inflation rates higher than the group’s average of 7.2%.
The Acting Government Statistician, Baah Wadieh said, the year-on-year non Good Inflation rate for February 2018 was 12.2% compared with the rate of 12.0% recorded In January 2018.
The year-on-year food inflation rate for February 2018 was 7.2%, compared with 6.8% recorded In January 2018 and the year-on-year nonfood inflation rate (12.2%), it more than one and half times that of the food Inflation rate (7.2%).
In February 2018 the year-on-year inflation rate for Imported Items (12.1%) was 2.1 percentage points higher than that of locally produced Items (10. 0%).
According to him, “the main “price drivers" for the non-food inflation rate were Transport (18.9%), Clothing and footwear (16.6%), Recreation and Culture (13.2%) and Miscellaneous goods and services (12.9%). The “price drivers" for the food inflation rate were Fruits (9.8%), Coffee, tea and cocoa (9.3%), Vegetables (8.7%), Mineral water, soft drinks, fruit and vegetable juices (8.3%), Meat and meat products (8.2%) and Food products n.e.c (7.7%).”
Four regions (Upper West, Brong Ahafo, Greater Accra and Ashanti) recorded inflation rates higher than the national average of 10.6%, he stated.
On regional differentials, Upper West Region recorded the highest year-on-year inflation rate of 11.7%, followed by Brong Ahafo Region (11.4%), while the Upper East region recorded the lowest year-on-year inflation (8.1%) in February 2018.
“At the regional level, the year-on-year inflation rate ranged from 8.1 percent in Upper East region to 11.7 percent in Upper West region. Four regions (Upper West, Brong Ahafo, Greater Accra and Ashanti) recorded inflation rates above the national average rate of 10.6 percent. Upper East region recorded the lowest inflation rate (8.1%)”