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14.05.2007 General News

Inflation rises to 10.5 percent

By myjoyonline

Latest inflation figures released by the Ghana Statistical Service (GSS) for April 2007 show an increase over the March figures.
The l2-month rate of inflation, measured by the new Consumer Price Index (CPI), increased to 10.5 percent for April from 10.2 percent in March.

The old CPI, which had a 1997 base-year, put the April inflation figure at 9.9 percent from 9.8 percent for March.

The national CPI for April 2007 was 214.55 with respect to the base year of 2002. It was this index when compared with that of April 2006 (194.20) that gave the annual inflation rate of 10.5 percent.

Ebo Duncan, Head of Economic Statistics Division at GSS, explained that the increase in April inflation was as a result of price increases within food categories in April 2007.

The monthly change rate of inflation for April 2007, compared with that of March 2007 was 1.5 percent. The monthly change rate of inflation between March 2007 and February 2007 was 1.3 percent.

Food and beverages group between April and March was 2.42 points, while the non-food groups together contributed 0.85 points.

Within the food and beverages group, vegetables including potatoes and other tuber-vegetable groups had the highest upward movement of 0.89 points in the national index.

Yam, tomatoes and plantain were the highest contributors with about 0.28 points, 0.25 points, and 0.24 points respectively. The bread and cereals group followed with 0.85 points, whereas local rice had 0.91 points and maize with 0.15 points.

Within the non-food group, transport contributed highest to the upward movement of the index with 0.43 points, whereas petrol and intercity bus fares contributed 0.08 and 0.33 points respectively.

The furnishing, household equipment and routine maintenance group had 0.09 points with full bedstead, 0.03 points, being the highest single contributor. However, the education group did not contribute anything to the change in the national index.

Inflation in urban centres for April was 6.9 percent, but rural inflation was higher, recording 11.8 percent. Inflation in Accra was 7.8 percent. Greater Accra recorded the highest regional inflation rate of 16.4 percent. Brong Ahafo Region and the two upper regions had 13.9 and 13.1 percent respectively.

Central Region recorded 10.2 percent while Eastern recorded 9.8 percent.

Western and Northern Regions recorded 9.4 and 9.2 percents respectively. Ashanti Region had 4 percent with the Volta Region recording the lowest inflation rate of 3.8 percent.

In a separate interview With Business Week, Duncan disclosed that West Africa Statisticians would be meeting in Lome, Togo, in a few weeks to deliberate on some key issues.

According to him, the issues to be looked at include the role of statisticians in the introduction of the Eco, the second West African common currency. BusinessWeek gathered that among the participating countries, only Nigeria and The Gambia were able to achieve single-digit inflation in 2006.