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    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

    Ghana has the 4th cheapest average cost of internet in Africa – Statista

    Africa’s internet economy to cross $180 billion by 2025: Report

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

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    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

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Inflation rate for March remains at 7.8 percent

byNerteley Nettey
April 16, 2020
in Local Economy, Top Stories
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New figures released by the Ghana Statistical Service, GSS, show that inflation rate for March 2020 remained unchanged at 7.8 percent.

By this, the rate at which prices of goods and services change over a period of time was the same for the February figure of 7.8 percent.

Also, this means that, in the month of March 2020, the general price level was 7.8% higher than in March 2019.

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The food and non-alcoholic beverages division recorded a year-on-year inflation rate of 8.4 percent. This is 0.5 percentage point higher than last month.

The data showed that this is the highest food inflation since the rebasing in August 2019, and translates in food being the predominant driver of year-on-year inflation.

It also cited that transportation has become a less important contributor to inflation.

The data further notes that, the price level of food and non-alcoholic beverages increased by 1.5%, between February 2020 and March 2020,

“Like last month, this rise is predominantly driven by an increase in price levels of vegetables and fruits and nuts,” the Service noted.

However, inflation of imported goods was 5.6%, while the inflation of local goods was 8.8% on average, indicating the highest rate of local inflation and the lowest rate of imported goods inflation since the rebasing in August 2019.

The differential inflation rate between locally produced items and imported items was 3.3 percentage points.

Also, the data indicates that, inflation for locally produced goods has been growing faster than inflation for imported goods over the last 5 months.

Regional inflation figures

On the regional inflation figures, 5 regions, namely Volta, Eastern, Western, Greater Accra and Northern Regions, recorded inflation rates above the national average of 7.8 percent with Volta Region recording the highest inflation of 9.2 percent.

This was followed by Eastern Region with 8.7 percent, Western Region, 8.5 percent, Greater Accra 8.3 percent  and Northern with 8.1 percent.

The Upper West Region, like last month, had the lowest year-on-year inflation rate of 3.7 percent.

However, the Greater Accra Region experienced the lowest regional inflation since the rebasing in August 2019.

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