February inflation records marginal decline

Inflation for February 2017 declined from 13.3 percent to 13.2 percent, the lowest since December 2013.

This, according to the Ghana Statistical Services (GSS), Consumer Price Index (CPI) recorded for the periods between February 2016 and February 2017.

Addressing the media in Accra Wednesday, Acting government statistician, Baah Wadieh said this indicates a decline by 0.1 percentage point from the 13.3 percent recorded in January 2017.

The monthly change rate for February 2017 was 0.6% compared to the 2.8% recorded in January 2017.

Five subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 7.1 percent.

These are fish and sea food (14.3%), meat and meat products (11.2%), mineral water, soft drinks, fruit and vegetable juices (7.9%), coffee, tea and cocoa (7.6%) and sugar, jam, honey, chocolate and confectionery (7.4%).

Six subgroup’s of the non-food group also recorded year on year inflation rates higher than the group’s average of 16.4%.

Meanwhile, Transport recorded the highest inflation rate of 23.3% followed by Recreation and culture with 22.8%, furnishings, household equipment and routine maintenance with 22.5%, education with 19.6%, clothing and footwear with 17.8% and health with 17.1%.

Inflation was lowest in the housing, water, electricity, gas and other fuels sub-groups.

Mr Wadieh explained that the rate for the month declined as a result of confidence and high expectations prior to the release of the 2017 budget estimate by the new administration.

“Inflation in the transport sub-sector increased to some level of increments recorded during the two pricing windows during the month” he said.

He added that the GSS is also expecting a further drop in March inflation looking at the trend in the few months recorded.