Transport fares push Sept inflation up

The average change in prices of goods and services in the country, measured by inflation, rose to 11.9 per cent in September, this year, mainly as a result of the increases in transport fares earlier that month.
The September rate, which is the highest since April, 2010, is 0.5 percentage points higher than the 11.5 per cent recorded in August.

The acting Deputy Government Statistician at the Ghana Statistical Service (GSS), Mr Baah Wadieh, said the transport sector recorded an inflation rate of 27.7 per cent, showing an increase of 11.1 percentage points between August and September, 2013.

“It was the highest and the major price driver,” he said at a press conference to release the September rate.

On September 14, this year, the Ghana Road Transport Coordinating Council (GTRCC) announced an increase in lorry fares and that subsequently fed into the general price levels of goods and services, as witnessed in the September inflation figure.

The hike in the transport fares was as a result of a corresponding increase in fuel prices announced by the National Petroleum Authority earlier.

Meanwhile, the food component of the inflation basket recorded a rate of 8.9 per cent compared with the 7.9 per cent recorded in August.

The food inflation rate of 8.9 per cent was about one and a half times lower than the non-food inflation rate of 14.2 per cent.

On the regional front, Western Region recorded the highest rate of 15.5 per cent, followed by Greater Accra with 12.9 per cent. The Upper East Region recorded the lowest rate of 6.4 per cent.

By Jessica Acheampong/Daily Graphic/Ghana