14 August 2014

Ghana Inflation Rises Further

Accra — GHANA'S inflation rate has marginally increased to 15,3 percent for July.

According to the Ghana Statistical Service (GSS) this indicated 1,6 percent from the previous month.

This rate of inflation for July 2014 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period from July 2013.

The year-on-year non-food inflation rate for July 2014 was 23,1 percent compared to 20,3 percent recorded in June.

This group was dominated by housing, water and electricity where prices increased averagely by 62 percent and transportation with an inflation rate of 38,3 percent.

The year-on-year food inflation rate for July 2014 declined to 5 percent as against 7,9 percent in June. This depicts a fall of 0,1 percentage point from the 8 percent recorded for May.

Government Statistician, Dr Philomena Nyarko, said trends show inflation could fall during the harvest season.

"Since May 2014, we have seen a reduction in the food inflation. We are hoping that there will be bumper harvest, so the prices of food might go down further," she said.

According to Dr Nyarko, the food component in the CPI basket has a weight of 44 percent.

"So once the price of food goes down, we hope that it will reflect in the overall inflation rate for Ghana."

However, economists differed.

"We expect a further increase in inflation next month as the effects of fuel and utility price hikes remains in the system while the cedi continues to weaken," Rand Merchant Bank stated on Thursday.


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