Food items price increase push February 2018 inflation up by 0.3%

Ghana’s inflation rate for February 2018 has gone up by 0.3% bring the rate to 10.6 per cent, up from the 10.3% recorded in January 2018.

The monthly change rate for February 2018 was 0.9%, compared to the 1.4% recorded for January 2018.

According to a release from the Ghana Statistical Service (GSS), the Food and Non-Alcoholic beverages group recorded a year-on-year inflation rate of 7.2% which is 0.4% point higher than the rate recorded in January 2018.

Presenting the figures today at a press briefing, at the head office of the GSS, the Acting Government Statistician, Baah Wadieh said, the increase which is marginal is as a result of rise in prices of some food items and increase in fuel prices in February, though marginal.

Inflation measures the average change over time in the general prices of goods and services purchased by consumers within a particular period of time.

The data showed that, food inflation rate for February 2018 was 7.2%, compared with 6.8% recorded in January 2018, while the non-food inflation rate was 12.2% in February, compared with 12.0% recorded the previous month.

Imported items inflation rate was 12.1% in the month under review, compared with 11.8% recorded in January 2018.

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Meanwhile locally produced items inflation rate stood at 10.0% in February compared with 9.7% recorded in January 2018.

The time six subgroups of the food and nonalcoholic beverages group recorded inflation rates higher than the group’s average of 7.2%.

According to Mr. Wadieh, “the main “price drivers” for the non-food inflation rate were Transport (18.9%), Clothing and footwear (16.6%), Recreation and Culture (13.2%) and Miscellaneous goods and services (12.9%). The “price drivers” for the food inflation rate were Fruits (9.8%), Coffee, tea and cocoa (9.3%), Vegetables (8.7%), Mineral water, soft drinks, fruit and vegetable juices (8.3%), Meat and meat products (8.2%) and Food products n.e.c (7.7%).”

Four regions (Upper West, Brong Ahafo, Greater Accra and Ashanti) recorded inflation rates higher than the national average of 10.6%, he stated.

On regional differentials, Upper West Region recorded the highest year-on-year inflation rate of 11.7%, followed by Brong Ahafo Region (11.4%), while the Upper East region recorded the lowest year-on-year inflation (8.1%) in February 2018.

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