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Business and Economics

Inflation Rate spikes to three year high of 10.9 per cent

 

Accra, June 12, GNA -The year-on-year inflation rate rose to a three year high of 10.9 per cent in May compared to 10.6 per cent in April, Acting Government Statistician Dr Philomena Nyarko said on Wednesday.

 

Accra, June 12, GNA -The year-on-year inflation rate rose to a three year high of 10.9 per cent in May compared to 10.6 per cent in April, Acting Government Statistician Dr Philomena Nyarko said on Wednesday.

     “The year-on-year rate for May is the highest since June 2010,” she said.

     The monthly change rate for May was 2.2 per cent compared with 1.8 per cent in April 2013, meaning the general price level went up by 2.2 per cent for the one month period between April 2013 and May 2013.

     Dr Nyarko said food inflation rate fell slightly to 6 per cent from 6.4 percent in April while the non-food inflation rate rose to 13.7 per cent from 13 per cent recorded in April.

     The year-on-year food inflation rate of 6 per cent was about two times lower than the non-food inflation rate of 13.7 per cent, she said.

     The price drivers for the non-food inflation rate included miscellaneous goods and services, 16.4 per cent, gas and other utilities 16.6 per cent, education 19.6 per cent, and clothing and footwear, 16.8 per cent.

     Mineral water, soft drinks and juices 9.0 per cent, sugar, jam, honey, syrups, chocolate, confectionary 10.5 per cent, and coffee, tea and cocoa 9.9 per cent were major price drivers for the food inflation.
     Greater Accra Region recorded the highest inflation rate of 12.6 per cent and Brong Ahafo Region, the lowest, of  9.5 per cent.

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