Ghana’s inflation rate slows to 8.6% in February 2012

The rate of Ghana’s inflation slowed down marginally to 8.6 per cent in February from 8.7 per cent in January 2012, helped by lower average food inflation, the Ghana Statistical Service said on Wednesday.

“Even though the food component accounted for 4.3 per cent inflation, individual items have high inflation rates. All in all we have some stability,” Dr Philomena Nyarko, Acting Government Statistician, said at the press conference.

Food inflation rate slipped to 4.3 per cent in February compared to non-food inflation rate of 11.2 per cent, which is more than two and half times the food inflation rate.

The food and non-alcoholic beverages group has been recording single digit inflation rate since January 2011 while the non-food inflation has remained stable between 11.1 per cent and 12.4 per cent since February.

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

Dr Nyarko said with current trends, it would be difficult to tell what the outlook for inflation over the next few months.

The monthly change for February 2012 was 1.5 per cent compared to 2.2 per cent in January.

Six groups in the non-food component recorded double-digit year-on-year inflation rates with transport and miscellaneous goods and services registering relatively high rates of 17 per cent and 16.2 per cent respectively. Recreation and culture, clothing and footwear, furnishings and household equipment registered rates between 12.2 per cent and 14.1 per cent.

Inflation rate in the regions ranged from 5.3 per cent in Upper East and Upper West regions to 13.2 per cent in Central Region.

Central, Western and Ashanti regions recorded inflation rates above the national rate of 8.6 per cent.

Source: GNA