The rate of price increase for consumer goods inched up by 0.1 percentage point to record 16.6 percent inflation for March 2015, relative the 16.5 percent recorded for February 2015, the Ghana Statistical Service (GSS) said here on Wednesday. inflation
The monthly change rate for March 2015 was 1.0 percent, compared with the 1.2 percent monthly change rate for the previous month, according to the official agency in charge of measuring the country’s performance in various sectors.
“While food inflation rate for March 2015 was 7.2percent, compared with 7.0 percent recorded in February 2015, the non-food inflation rate for March 2015 was 23.1 percent, compared with 23. 0 percent recorded in February 2015,” Baah Wadieh, Deputy Government Statistician, told the media.
The inflation rate for imported items which was 21.3 percent is about one-and-a-half times higher than that for locally produced items, which recorded an inflation rate of 14.9 percent.
Within the food group, seven sub-groups recorded inflation rates higher than the group average of 7.2 percent.
Some of these are the mineral water, soft drink and fruit juices sub-group(17.4 percent); coffee, tea and cocoa (16.6 percent); food products not elsewhere classified (16.0 percent); sugar, jam, honey, chocolate and confectionery (14.5 percent); as well as meat and meat products (13.5 percent).
The rest are milk, cheese and eggs (13.4 percent); as well as cereal and cereal products (7.8 percent).
Within the non-food group, two sub-groups recorded inflation rates higher than the group average rate of 23.1 percent.
These are housing, water, electricity, gas and other items (26. 2 percent); and transport (25.8 percent).
“Since inflation for imported food items was far higher than that of locally produced food items, the impact of the depreciation of the cedi could be seen as part of the factors of the development in inflation,” Wadieh stated.
The local cedi currency has depreciated about 14 percent from January to date as many businesses try to meet their maturing financial obligations to their foreign counterparts at the beginning of the year. Enditem

Source: Xinhua

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