Inflation rate hits 14.8 per cent in May
The year-on-year inflation hits a fresh four-year high of 14.8 per cent in May, up from 14.7 per cent recorded in April, the Ghana Statistical Service (GSS) said on Wednesday.
The monthly change rate for May was 0.9 per cent compared to 1.7 per cent registered in April, 2014.
Dr Philomena Nyarko, the Government Statistician, attributed the slight increase in the rate to utilities, the housing, water, electricity, gas and other fuels group.
The housing, water, electricity, gas and other fuels group recorded the highest inflation rate of 51 per cent followed by transport, which recorded 27 per cent.
The food and non-alcoholic beverages group recorded a year-on-year rate of 8 per cent, which is one percentage point higher than the 7 per cent recorded in April 2014.
Dr Nyarko said eight subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average of 8 per cent.
‘The price drivers for the food inflation rate were Mineral water, soft drinks, fruit juices, coffee, tea and cocoa, meat and meat products..food products,’ Dr Nyarko said.
She said the non-food group recorded a year-on-year inflation rate of 20 per cent in May down from a rate of 20.6 per cent recorded in April.
Two subgroups housing, water, electricity, gas and other fuels and transport recorded year-on-year inflation rates higher than the group’s average rate of 20.0 per cent.
Dr Nyarko said inflation was lowest (3.2 per cent) in the hotels, cafes and restaurants subgroup.
At the regional level, the year-on-year inflation rate range from 11.2 per cent in the Upper West to 16.1 per cent in Greater Accra.
Five regions – Greater Accra, Eastern, Upper East, Western and Central recorded inflation rates above the national average of 14.8 per cent.
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