March Inflation Records 10.4%

Dr. Philomena Nyarko

Dr. Philomena Nyarko

Year-on-year inflation rate for March this year was 10.4 percent, up from 10.0 percent recorded in February 2013. March has so far recorded the highest inflation rate since June 2010.

The monthly change rate was 1.7 percent for March 2013 compared to 2.6 percent for February 2013. The year-on-year non-food inflation rate was 13.2 percent while the rate for February 2013 was 12.6 percent.

Year-on-year, the food inflation rate was 5.5 percent up from 5.3 percent rate recorded for February 2013. The year-on-year food inflation rate was about two and half times lower than the non-food inflation rate of 13.2 percent.

Dr Philomena Nyarko, Acting Government Statistician, who disclosed this yesterday to the media in Accra, during the launch of the Consumer Price Index, explained that the ‘price drivers’ for the non-food inflation rate were miscellaneous goods and services (16.5 percent); transport (15.7 percent); clothing and footwear (15.3 percent) and education (15.1 percent).

Inflation was lowest in the information and telecommunications group.

She also stated that inflation for the non-food basket was driven by milk, cheese and eggs, which recorded (15.2 percent); mineral water, soft drinks and juices which registered (14.5 percent) and sugar, jam, honey, syrups, chocolate, confectionery (11.3 percent).

Meat recorded (10.6 percent) inflation while oil and fats recorded (10.4 percent).

Dr Nyarko said while Greater Accra region recorded the highest inflation rate of 12.2 percent, Ashanti and Northern recorded inflation rates above the national average of 10.4 percent. Of all the regions, Western Region had the lowest inflation rate of 8.2 percent. The non-food inflation rate for March 2013 was the highest since June 2010.

The consumer price index 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 2002, the base year, which had an index of 100.

Over time, statistics have shown that every year, inflation rises from January reduces in February and registers a turning point in March, where it rises again.

By Samuel Boadi