Inflation rate hits 11.4 per cent
June inflation rate inched up to 11.4 per cent, up from the 11.1 per cent recorded in May 2013, according to the Ghana Statistical Service (GSS) rebased CPI, which has 2012 as its base index.
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The monthly change rate for the new index for June was also 2.6 per cent, lower than the 2.8 per cent recorded in May 2013.
Inflation, which is measured by the Consumer Price Index (CPI), looks at the change over time in the general price level of goods and services that households acquire for the purpose of consumption.
Announcing the rate at a news conference in Accra, the acting Government Statistician, Dr Philomena Nyarko, said the year-on-year non-food inflation rate was 14.0 per cent compared to 13.7 per cent recorded in May 2013.
She said “housing, water, electricity, gas and other utilities recorded the highest rate of 18.9 per cent, followed by education with 18.1 per cent, clothing and footwear with 16.0 per cent, and hotels, cafes and restaurants with 14.8 per cent. Inflation was lowest in the communications subgroup with 0.4 per cent.”
The year-on-year food inflation rate was 6.4 per cent, 0.4 percentage points higher than the 6.0 per cent recorded in May 2013.
She said the subgroups with the highest rates were oil and fats (11.7 per cent), sugar, jam, honey, syrups, chocolate and confectionary (10.9 per cent) and milk, cheese and eggs (10.8 per cent). Meanwhile, the fruits subgroup recorded the lowest rate of -0.1 per cent.
At the regional level, the Greater Accra Region recorded the highest year-on-year inflation rate of 13.3 per cent, followed by Ashanti Region with 11.2 per cent while the Brong Ahafo Region recorded the least rate 9.7 per cent.
By Jessica Acheampong
