Annual Inflation Rises To 9.3% In May

The annual inflation rate rose slightly higher to 9.3 per cent in May compared to 9.1 per cent in April. �The monthly rate has been increasing since March 2012 led by non-food inflation, which is more than two and half times higher than the food group,� Dr. Philomena Nyarko, Acting Government Statistician, announced at a press briefing in Accra on Wednesday. "The monthly change rate for May was 2.0 % which means the general price level went up by 2.0 % for the one month period between April and May,� she said. The rate for April was 1.6%. The non-food group recorded an average rate of 11.9%, while the food group average stood at 5.0 %. Dr. Nyarko said six sub groups in the non-food basket recorded year-on-year inflation rates above the group�s average rate with transport recording the highest rate of 20.1 per cent. Alcoholic beverages, tobacco and narcotics shot up to 16.5%. �The main contributors to the non-food inflation of 11.9% were clothing and footwear, transport and furnishings, household equipment,� she said. On the other hand, Dr. Nyarko said local food products were responsible for the low inflation in the food and non-alcoholic beverages group. Bread, cereals and fish sub-groups were the major contributors to the May food inflation rate of 5.0 per cent. At the regional level, the year-on-year inflation rate ranged from 5.6% in the Upper East and West Regions to 12.4% in the Central Region. Central, Ashanti and Greater Accra regions recorded inflation rates above the national average of 9.3%.