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Barring any last minute hitches, the Ghana Statistical Service will from next month use the new basket of goods and services to measure inflation. This means May’s inflation figure would be calculated using this new basket of 267 items to reflect the current consumption pattern on the market. This should see non-food items, like transportation, communication, and health account for almost 60 percent of goods in the basket and the remainder for food items. Just like the rebasing of the country’s GDP estimates that has put the value of the economy at the last quarter of 2012 at a little over 20 billion cedis, the review in the way inflation is calculated is also to ensure that the rate better reflects what pertains on the ground.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.