Inflation Moves To 14.5%

Dr. Philomena Nyarko
Year-on-year inflation as measured by the consumer price index (CPI) stood at 14.5 percent in March 2014, up from the 14.0 percent recorded in February 2014.

The rate of inflation for March 2014 is the percentage change in the CPI over the twelve-month period from March 2013 to March 2014.

The monthly change rate for March 2014 was 0.9 percent compared with the 1.1 percent recorded in February 2014.

The food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 8.2 percent, 0.7 percentage points higher than the 7.5 percent recorded in February 2014.

Six subgroups of the food and non-alcoholic beverages group recorded inflation rates above the group’s average of 8.2 percent.

The non-food group recorded an average year-on-year inflation rate of 19.2 percent in March 2014 compared to a rate of 19.0 percent recorded in February 2014.

Two subgroups recorded year-on-year inflation rates above the group’s average rate.

Housing, water, electricity, gas and other fuels recorded the highest rate of 43.8 percent followed by transport, which recorded 27.3 percent.

Inflation was lowest in the Communications subgroup (5.0%).

At the regional level, the year-on-year inflation rate ranged from 9.1 percent in the Upper West region to 17.1 per cent in the Ashanti Region.

Three regions – Ashanti, Greater Accra and Eastern – recorded inflation rates above the national average of 14.5 percent.

By Samuel Boadi