Ghana's Inflation rise up to 15 per cent

The annual year-on-year inflation rate for June 2014 rose to 15 per cent from the 14.8 per cent recorded in May, the Ghana Statistical Service (GSS) has announced.

Inflation, which is measured by the Consumer Price Index (CPI), looks at the change in the general price level of goods and services that households acquire for the purpose of consumption.

The June rate, according to the Government Statistician, Dr Philomena Nyarko, was the highest rate of inflation recorded since March 2010.

The monthly change rate, which looks at the changes in the price level of goods in a particular month in the preceding month, stood at 1.6 per cent for June 2014, compared to the 0.9 per cent recorded in May 2014.

At a news conference to announce the rate, Dr Nyarko said the food component of the inflation basket recorded a rate of 7.9 per cent in June, which is 1.0 percentage point lower than the 8.0 per cent recorded in May 2014.

“The non-food group recorded a year-on-year inflation rate of 20.3 per cent in June 2014, compared to 20.0 per cent recorded in May 2014,” she said.

Also, two sub-groups of the non-food group recorded year-on-year inflation rates higher than the group’s average rate of 20.3 per cent.

“Housing, water, electricity, gas and other fuels recorded the highest rate of 53.6 per cent, followed by transport with 24.6 per cent. Inflation was lowest in the educational sub-group,” she explained.

At the regional level, the Upper East Region recorded the highest regional year-on-year inflation rate of 18.3 per cent, followed by the Northern Region with 17.5 per cent. 

The Volta region recorded the lowest rate of 13.1 per cent.

Daily Graphic