Rebased May inflation is 11.1 per cent

Ghana’s rebased May inflation rate, done to reflect new household consumption patterns, rose to 11.1 per cent year-on-year, Dr Philomena Nyarko, acting Government Statistician, said on Wednesday. The rate under the non-rebased for May stood at 10.9 per cent. “The Consumer Price Inflation (CPI) was rebased to make the indices reflect current household consumption patterns. The new CPI reflect current expenditure pattern than the existing one,” Dr Nyarko told a press encounter. This is the fifth time the CPI has been rebased. The first re-basing was done in 1963. The new CPI is different from the existing one because of the increasing number of markets covered from 40 to 42. There is also an increase in the items in the basket from 242 to 267, and report on the inflation rate for Upper East and Upper West would be done separately. The new weights for the items are based on the Ghana Living Standard Survey (GLSS 5). Dr Nyarko said the new CPI would be published side-by-side of the existing CPI until December 2013.