Inflation for March inches up to 9.3%

Inflation for March inches up to 9.3%
Source: Ghana | Ebenezer Sabutey | JoyBusiness
Date: 10-04-2019 Time: 06:04:47:pm

Inflation for March 2019 has inched up to 9.3 per cent up by 0.1 percentage point from the 9.2 per cent recorded in February 2019.

This rate of inflation for March 2019 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from February 2018 to March 2019.

According to the Ghana Statistical Service, the performance of the Ghana cedis to major trading currencies and the over-reliance on imported foods contributed to the increase.

Apart from imported food items, transportation, recreation, household furniture and clothing recorded higher rates of 9.7 per cent.

Recreation and culture recorded the highest inflation rate of 14.1 per cent, followed by Transport with 13.7 per cent, Clothing and footwear (13.3%), and Furnishings, household equipment and routine maintenance with 12.2 per cent. 

Inflation was lowest in the Housing, Water, Electricity, Gas and Others Fuels subgroup (2.1%). 

Food and non-alcoholic beverages

The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.4 per cent. This is a 0.3 percentage point higher than the rate recorded in February 2019. 

Four subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 8.4 per cent.

Regional breakdown

At the regional level, the year-on-year inflation rate ranged from 7.9 per cent in the Upper East region to 11.5 per cent in the Upper West region. 

Four regions - Upper West, Brong Ahafo, Western and Ashanti recorded inflation rates above the national average and Volta region recorded the same inflation rate as the national average of 9.3 per cent.