Ghana’s inflation rate rises to 8.7% in January 2012

The rate of inflation ticks up in January to 8.7 percent from 8.58 percent in December with inflation in transport and goods and services leading the change.

“The non-food inflation rate (11.3 percent) is more than two and half times the food inflation rate (4.5 percent),” Dr Philomena Nyarko, Acting Government Statistician said at a press conference on Wednesday.

Movements in inflation rates within the last 12 months were relatively stable. The highest inflation rate recorded in February 2011 was 9.2 percent and the lowest 8.4 per cent in September last year.

Dr Nyarko, however, said the pace of inflation was accelerating as seen in the monthly change between January and December, which is the highest over twelve months.

“The monthly change for January 2012 was 2.2 per cent, the highest within the 12 months period. The monthly change rate was one percentage point higher in January 2012 compared with that of December 2011. Negative monthly rates recorded in August, September and October are as a result of seasonality, changes in food prices,” she said.

Six groups in the non-food component recorded double-digit year-on-year inflation rates with transport and miscellaneous goods and services regsitereing relatively high rates of 18.3 percent and 18.5 per cent respectively.

Food and non-alcoholic beverages group recorded year-on-year rate of 4.5 per cent, slightly up from 4.3 per cent in December 2011.

Inflation rate in the regions ranged from 5.9 per cent in Upper East and West region to 11.9 per cent in Central regions.

Five regions recorded inflation rates above the national rate of 8.7 per cent.

Source: GNA