The country began this year on a rather negative inflationary note by recording the highest inflation since 2010 in January.

The rate for the first month of the year was 13.8 percent - up from the 13.5 percent recorded in December last year.

This implies the rate of increase in the prices of goods and services was higher in January compared with the previous month of December.

"This rate of inflation for January 2014 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from January 2013 to January 2014," the Ghana Statistical Service said in its newsletter.

Head of Economics Statistics at the Statistical Service, Edward Esuo Afram told Joy Business that the high cost of housing and transport accounted for the increase.

The Food and non-alcoholic beverages group recorded an average year-an-year inflation rate of 7.1 percent, 0.1 percentage points lower than the 7.2 percent recorded in December 2013.

Four subgroups of the food and non-alcoholic beverages group recorded inflation rates above the group’s average of 7.1 percent

The non-food group recorded an average year-on-year inflation rate of 18.9 percent in January 2014, compared to a rate of 18.1 percent recorded in December 2013. Four subgroups recorded year-on-year inflation rates above the group’s average rate.

Housing, water, electricity, gas and other fuels recorded the highest rate of 37.9 percent followed by transport with 21.4 percent, clothing and footwear (20.2%), and miscellaneous goods and services (19.3%).

Inflation was lowest in the Communications subgroup (5.0%)

Regional differentials

At the regional, the year-on-year inflation rate ranged from 10.5 percent in the Upper West region to 16.9 percent in the Ashanti Region. Three regions, Ashanti, Central, and Eastern, recorded inflations rates above the national average of 13.8 percent.