Inflation Rises Marginally

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Created on Thursday, 14 June 2012 00:00

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Inflation Rises Marginally

14 June 2012

Year-on year inflation for May 2012 rose marginally to 9.3 percent as compared to 9.1 percent recorded in April 2012.   

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This means that the monthly change was 2.0 percent for May 2012, as against 1.6 percent recorded in April 2012.

The inflation rate measures the average rise in the prices of all consumer goods and services in the country. It is measured in two ways: year-on-year inflation measures the average price level for one calendar year, while the monthly change measures the average price level between the current month and the previous month.

Inflation rate for May 2012 represents the percentage change in the Consumer Price Index (CPI) over the twelve-month period from May 2011 to May 2012.

CPI measure changes over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2002, the base year, which was an index of 100.

According to figures released by the Ghana Statistical Service (GSS), which were presented by Dr. Philomena Nyarko, Acting Government Statistician in Accra yesterday, the non-food inflation rate was 11.9 per cent more than two and half times that of the food inflation rate- 5.0 per cent.

This means that the non-food rate for May 2012 was slightly higher than 4.8 per cent recorded in April 2012.

The main contributors to the non-food inflation were clothing and footwear, transport, and furnishings, household equipment, while the major contributors to the food inflation rate were bread and cereals, fish and meat.

Transport recorded the highest rate of 20.1 per cent followed by alcoholic beverages, tobacco and narcotics with 16.5 per cent.

Inflation in the communication group recorded below 1 per cent.

Central region recorded the highest inflation rate of 12.4 percent while the Ashanti and Greater Accra regions recorded 10.1 per cent and 9.7 per cent.

The Upper East and West regions recorded the lowest rate of 5.6 per cent.

By Esther Awuah

Source: Daily Guide/Ghana