Ghana’s inflation rate spikes to 10% in February 2013

The rate of inflation rose to 10 percent in February 2013 from 8.8 percent in January, the highest since June 2010 partly led by fuel price hikes and lean food season, the Ghana Statistical Service said on Wednesday.

The monthly change rate for February was 2.6 per cent as against 2.1 per cent in January.

Speaking at a press conference, Dr Philomena Nyarko, Acting Government Statistician, said the year-on-year non-food inflation rate was 12.6 per cent up from 11.5 per cent in January.

On the other hand, the food and non-alcoholic beverages recorded an average year-on-year inflation rate of 5.3 percent compared with 3.9 per cent recorded in January.

She said the price drivers for the non-food recorded include alcoholic beverages, Transpaort, water, electricity, gas and other utilities with rates between 15.5 per cent and 15.9 per cent.

“The year-on-year non-food inflation rate was about two and half times high as the food inflation,” she said.

At the regional level, the year-on-year inflation rate ranged from 7.4 per cent in the Western Region to 12 per cent in the Northern Region.

Four regions, including Greater Accra, Northern, Ashanti and Brong-Ahafo recorded inflation rates above the national average of 10.0 per cent.

Source: GNA