The Ghana Statistical Service will next month launch the new base year for measuring inflation. It will use 2011 as reference base year.
This will result in new weightings for the components of its Consumer Price Index (CPI) basket. The rebasing will also increase the number of goods in the inflation basket from 242 to more than 270.
Head of Economics and Statistics Department at the Ghana Statistical Service, Magnus Ebo Duncan in an interview with XYZ BUSINESS said the review was necessary because most people�s expenditure have changed.
�With time people tend to spend a lot on one item than the other. There are shifts in the consumption patterns and expenditure patterns. So these, together, will influence the new figures that comes out.�
He however stated that the methodology for computing the figures will remain unchanged. �The methodology will remain the same. The same formula will be used, the same concept will be used. It is only the items that are being reviewed and then the expenditure weight too.�
Source: RadioXYZonline.com
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |