Inflation for the month of March 2016 hit 19.2 percent compared with the 18.5 percent recorded in February 2016.
The monthly change rate in March 2016 was 1.7 percent while that of February 2016 was 0.8 percent.
The Ghana Statistical Service cited non food inflation, increase in utility, transport and education as accounting for the increase.
The year-on-year non-food inflation rate for March 2016 increased to 25.7 percent compared to the 24.5% recorded in February 2016.
The consumer price index measures the change over time in the general price levels of goods and services that households require for the purpose of consumption.
Government Statistician at the Ghana Statistical Service, Dr. Philomena Nyarko speaking to Citi Business News attributed the increase to hikes in transport fares.
“We are saying that the major reason why we are seeing this increase is as a result of transport; housing, water, electricity; education and recreation & culture which are the major drivers when it comes to the non-food sector. But when we take the food items, you are looking at the mineral water; fruits and vegetables; soft drinks;food products elsewhere classified, among others which were for the food group. The reason you can attribute to this increase is the increase in transportation fares in February 2016 by about 15% which affected some of the prices.” She explained.
The Greater Accra region recorded the highest year on year inflation rate of 22.9% while the Upper East Region recorded the lowest inflation rate of 14.0 percent.
By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana