15 March 2018

Ghana: Inflation Rate for February Sees a Marginal Increase

press release

The year-on-year February 2018 inflation rates as measured by the Consumer Price index (CPI) was 10.6 per cent. This represents a three point increase compared with the 10.3 per cent recorded in January 2018.

The monthly change rate in February 2018 was also 0.9 per cent compared with the 1.4 per cent recorded in January 2018. According to the Acting Government Statistician, Mr Baah Wadieh, the year-on -year inflation rate for imported items was 12.1 per cent, representing a 2.1 percentage point higher than that of locally produced items.

He told journalist in Accra during a press briefing, yesterday, that for the year-on -year food inflation rate, the figure increased by 0.4 per cent to record 7.2 percentage point over what was recorded in the month of January.

Mr Wadieh attributed the main price drivers for the food inflation to include fruits, meat and meat products, and food products, among others.

"The year-on year non-food inflation rate for February 2018 was 12.2 per cent compared with the rate of 12 per cent recorded in January 2018", he said.

He explained that the 12 .2 per cent year-on-year non-food inflation rate was one and half times that of the food inflation rate of 7.2 percent

According to the Acting Government Statistician, the main price drivers for the non-food inflation rate were transport, clothing and footwear, recreation and culture, and miscellaneous goods and services.

He stated that the Upper West, Brong Ahafo, Greater Accra and the Ashanti regions recorded inflation rates higher than the national average of 10.6 per cent while the same Upper West region recorded the highest year-on-year inflation rates of 11 .7 per cent with Upper East region recording the lowest year-on-year inflation rate of 8.1 for the month of February 2018.

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