Inflation Increases Slightly To 16.5% In February

The year-on-year inflation rate stood at 16.5 per cent in February, a slight increase by 0.1 percentage points from 16.4 per cent recorded in January, 2015.

The rate of inflation for February 2015 is the percentage change in the consumer price index, over the 12-month period, from February 2014 to February 2015.

Dr Philomena Nyarko, Government Statistician, who announced this at a media briefing in Accra on Wednesday, said the monthly change rate for February was 1.2 per cent, compared to 3.4 per cent recorded for January 2014.

Dr Nyarko explained that the year-on-year non-food inflation rate for February 2015 was 23.0 per cent which is the same as that recorded for January 2015 and that the main price drivers were Housing, Water, Electricity, Gas and other fuels and Transport.

She added that the year-on-year food inflation rate for February 2015 was 7.0 per cent, an increase of 0.1 percentage point from the 6.9 per cent recorded for January 2015 with the price drivers as Mineral Water, Soft Drinks, Fruits and Vegetable Juice, Coffee, Tea and Cocoa, Food products, Sugar, Jam, Honey, Chocolate and confectionery, Meat, Milk, Cheese and Eggs, and Cereals. 

“The year-on-year Inflation rate for imported items was 22.5 per cent, more than one and half times higher than the inflation rate for locally produced items” she added.

Dr Nyarko said four regions: Central, Volta, Upper East and Ashanti recorded inflation rates higher than the national average of 16.5 per cent and that Northern region recorded the same inflation rate as the national average.

She said the Central Region recorded the highest regional year-on-year inflation rate of 20.0 per cent while the Upper West Region recorded the lowest of 13.3 per cent.

Source: GNA