March inflation drops marginally to 10.4%

The Inflation Rate for March 2018 dropped marginally to 10.4%, representing 0.2% decrease from the 10.6% recorded in February, 2018.

According to the release issued by Ghana Statistical Service at a news conference (GSS) in Accra, “the year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 10.4 percent in March 2018, down by 0.2% point from the 10.6 percent recorded in February 2018.

This rate of inflation for March 2018 is the percentage change in the Consumer Price Index (CPI) over the twelve month period, from March 2017 to March 2018. The monthly change rate for March 2018 was 1.1% compared to the 0.9% recorded for February 2018.”

The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 7.3%. This is 0.1% point higher than the rate recorded in February 2018.

Six subgroups of the food and nonalcoholic beverages group recorded inflation rates higher than the group’s average of 7.3%.

Acting Government Statistician, Baah Wadieh said, the year-on-year food Inflation rate for March 2018 was 7.3% compared with the rate of 7.2% recorded in February 2018.

The year-on-year non-food inflation rate for March 2018 was 11.8%, compared with the rate of 12.2% recorded in February 2018.

In the same month of March 2018, the year-on-year nonfood inflation rate (11.8%), is more than one and half times that of the food Inflation rate (7.3%).

Imported Items under the same period was (11.8%) was 2.0% points higher than that of locally produced Items which stood at 9. 8%, a drop of 0.2% from the previous month.

Addressing the Press in Accra, Mr. Baah Wadieh said, “the main ‘price drivers’ for the non-food inflation rate were Transport (18.4%), Clothing and footwear (16.4%), Recreation and Culture (12.6%) and Miscellaneous goods and services (12.0%). The “price drivers” for the food inflation rate were Fruits (9.8%), Coffee, tea and cocoa (10.6%), Vegetables (8.1%), Mineral water, soft drinks, fruit and vegetable juices (8.7%), Meat and meat products (8.8%) and Food products n.e.c (8.1%).”

Five regions (Upper West, Brong Ahafo, Greater Accra, Ashanti and Western) 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 11.9%, followed by Brong Ahafo Region (11.9%), while the Upper East region recorded the lowest year-on-year inflation (8.0%) in February 2018.