Inflation rate for February rises slightly to 9.2%

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The year-on-year inflation rate as measured by the Consumer Price Index (CPI) for February 2019, was 9.2% compared to 9.0% recorded in January 2019.

The monthly change rate in February 2019 was 1.0% which is the same as recorded in January 2019.

This was announced by the Acting Deputy Government Statistician, David Yenukwa Kombat  Wednesday at a news conference in Accra.

He indicated that the year-on-year non-food inflation rate for February 2019 was 9.7% compared with the rate of 9.5% recorded in January 2019.

The year-on-year food inflation rate for February 2019 was 8.1 %, compared with 8.0 % recorded in January 2019.

Mr Kombat  added that the year-on-year non-food inflation rate 9.7% is 1.6 % points higher than the food inflation rate 8.1%.

He explained that, the year-on-year inflation rate for imported items 10.6% was 2.0 % points higher than that of locally produced items 8.6%.

According to him, “the main ‘price drivers’ for the non-food inflation rate were Clothing and footwear  13.3%, Recreation and Culture 13.2%, Transport 12.8% , Furnishing, Household Equipment and Routine Maintenance 11.6%  and Miscellaneous goods and services 10.0%.”

The ‘price drivers’ for the food inflation rate were Coffee, tea and cocoa 11.6%, Fruits 10.0%, Mineral water, soft drinks, fruit and vegetable juices 9.9% and Meat and meat products 9.1%.

Four regions namely; Upper West, Bono, Western and Ashanti, he indicated, recorded inflation rates above the national average and Volta Region recorded the same inflation rate as the national average of 9.2 percent.

Upper West Region recorded the highest year-on-year inflation rate of 11.4 percent, followed by BrongAhafo Region 10.2%, while the Upper East region recorded the lowest year-on-year inflation rate 7.9% in February 2019

Ghana | | Maame Nyarko