Up from 13.8% in January 2014, the year-on-year inflation rate, as measured by the Consumer Price Index (CPI), stood at 14.0% in February 2014, while the monthly change rate for February 2014 was 1.1% against the 3.9% recorded in January 2014.
This means that the change in the general price level was 14.0% over the one year period, from February 2013 to February 2014, while the change in the general price level went up by 0.2% between January 2014 and February 2014.
The February inflation rate of 14.0% is the highest since March 2010.
Government Statistician, Dr Philomena Nyarko, who made these known at a news conference in Accra, yesterday, disclosed that the Food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 7.5% which is 0.4 percentage points lower than the 7.1 % recorded in January 2014, while four sub-groups within the Food and non-alcoholic beverages group recorded inflation rates above the group's average of 7.5%.
The non-food group, Dr Nyarko said, recorded an average year-on-year inflation rate of 19.0% in February 2014, as against the rate of 18.9% recorded in January 2014, with three sub-groups recording year-on-year inflation rates above the group's average rate.
She said the price drivers for the non-food inflation rate were Housing, water, electricity, gas and other fuels which recorded the highest rate of 38.9%, with Transport following at the rate of 26.8%, while the communications sub-group recorded the lowest inflation rate of 5.0%.
On regional differentials, Dr Nyarko said, the year-on-year inflation rate ranged from 9.5% in the Upper West region to 16.7% in the Ashanti region, with three regions--Ashanti, Eastern and Greater Accra--recording inflation rates above the national average of 14.0%.
The CPI measures the change over time in the general price levels of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2012, the base year, which has an index of 100.
The rate of inflation has two main components, namely Food inflation and Non-food inflation.
The rate of inflation for February 2014 is, therefore, the percentage change in the CPI over the twelve-month period from February 2013 to February 2014.
Source: ISD (G. D. Zaney)