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Inflation is up by 13.21 per cent
Accra, March 14, Ghanadot/GNA - February 2008 Inflation rate
rose to 13.21 per cent, representing an increase of 0.4 per
cent from the previous month, the Ghana Statistical Service
(GSS) announced on Friday.
This is compared to 1.17 percentage change in the rate
between December 2007 and January 2008.
The year-on-year rate of inflation (inflation over-the-12
months or what is also called point-point inflation) for
February therefore is 13.21 per cent compared to 12.81 per
cent in January 2008.
High prices of fish, bread and cereals were identified to
have accounted for the surge in the inflation rate, making
them major contributors within the food group.
Fish alone contributed 0.89 points whilst bread and cereal
contributed 0.55 points in the basket of the Consumer Price
Index.
Briefing the press in Accra, Mr Magnus Ebow Duncan, Head of
Economics and Statistics at GSS, said other contributors
were vegetables including potatoes and other tuber
vegetables group, which accounted for 0.38 points while the
meat group recorded 0.35 points.
Mr Duncan said the Regional Consumer Price Index showed that
Eastern and Northern regions topped once again with 20.44
per cent and 18.33 per cent respectively.
The Ashanti Region remained the lowest at 8.86 from 9.92 in
January whilst the Upper regions also recorded a single
digit inflation rate of 9.46 per cent.
The CPI for the month of February 2008 was 236.18 with
respect to the base year (average 2002) and compared to
February 2007 of 208.62.
GNA
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