Inflation Increases To 14.7%

Inflation and other economic variables continue to affect the price of food items on the market and the poor suffer most.

The Inflation rate for April 2014 recorded 14.7 percent, up from 14.5 percent in March.

Even though it represents a 0.2 percent increase, it is the highest inflation rate since April 2010.

It would be recalled that February 2014 registered inflation rate of 14.0 percent.

The Ghana Statistical Service (GSS), which disclosed this to the media in Accra during the launch of its latest newsletter on the Consumer Price Index (CPI) yesterday, attributed the soaring inflation to housing, water, electricity, fuel and transport.

Flanked by other officials of GSS, Baah Wadie, Deputy Government Statistician, who presented the report said, ‘For the food inflation, we realized that it was fairly stable between March and April, 2013. It was around 6.67 percent.

‘Then it started an ascendency from about June 2013 to about September 2013 from 7.3 to 8.9 percent. It then dipped to 6.9 percent and then fairly stable between November 2013 and January 2014.’

He said the Ashanti Region recorded the highest regional year-on-year inflation rate of 17.4 percent while the Upper West Region recorded the lowest in the month of April.

Average prices of goods and services in the Greater Accra region went up by 14.7 percent.

For March, housing, water, electricity, gas and other fuels were on record to have registered the highest rate of 43.8 percent followed by transport, which recorded 27.3 percent.

Also, inflation was lowest in the communications sub-group (5.0%).

By Samuel Boadi

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