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Consumer Price Index Increases by 0.7%

The year-on-year inflation rate as measured by the CPI stood at 19.2 percent in March 2016, up by 0.7 percentage point from the 18.5 percent recorded in February 2016.

The Monthly change rate for March 2016 was 1.7 percent compared to the 0.8 percent recorded for February, 2016. The year-on-year non-food inflation rate for March 2016 was 25.7 percent compared with the 24.5 percent recorded in February 2016.

The year- on- year food inflation rate for March 2016 was 8.3 percent, same as the rate recorded for February 2016. The year-on-year non-food inflation rate (25.7 percent) was more than three times the food inflation rate (8.3 percent). The year-on-year inflation for locally produced items (19.6 percent) was 1.2 percentage points higher than that of the imported items (18.4 percent) for March 2016. The main “Price Drivers” for the non-food inflation rate were Transport (40.0 percent), Housing, water, electricity, gas and other fuels (39.6 percent), education (27.7 percent) and Recreation and Culture (26.7 percent).

The “Price Drivers” for the Food Inflation Rate were Mineral Water, soft Drinks, Fruit and Vegetable Juices (12.6 percent), coffee, tea and cocoa (10.5 percent), Vegetables (10.3 percent), sugar, jam, honey, chocolate and confectionery (9.9 percent), food productions (9.4 percent), fruits (8.9 percent) and Oils and fats (8.9 percent).

Two Regions (Accra and Ashanti) recorded inflation rates higher than the National Average of 19.2 percent whiles the Upper East Region recorded the lowest (14.0 percent). The Consumer Price Index (CPI) measures the change over time in the general price level 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.

Source: Ghana/radioxyzonline.com/Pious kojo Backah

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