Skip to main content

2013 Inflationary trend begins with 8.8% rate


By Fred Sarpong

The year 2013 has started with a year-on-year inflation rate of 8.8%, recorded in January 2013. This is measured by the Consumer Price Index (CPI).
This means that the general price level went up by 8.8% over the one year period from January 2012 to January 2013.
The monthly change rate for January 2013 was 2.1%. This means that the general price level went up by 2.1% for the one month period between December 2012 and January 2013. The monthly rate for December 2012 was 0.7%.
Dr. Philomena Nyarko, the acting Government Statistician announced this to the media in Accra last week. She stated that the food inflation rate of 3.9% was about three times lower than the non-food inflation rate 11.6%
According to her the food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 3.9%, the same as recorded in December 2012. Under this group, eight subgroups recorded inflation rates above the group’s average inflation rate of 3.9%.
These includes mineral waters, soft drinks and juices 18.0%; coffee, tea and cocoa 15.3%; milk, cheese and eggs 12.2%; meat 11.8%; sugar, jam, honey, syrups, chocolate and confectionary 10.7%; oil and fats 8.4%; bread and cereals 7.6%; and food products 4.6%. The following were below 3.9%. They are fish 1.0%; vegetables include potatoes and others with negative 0.8% and fruits had negative 5.0%.
The Government Statistician noted that inflation in local food products was significantly lower than that of imported food products.’ Inflation rates for rice and bread (wheat) were most important imported food items recorded in January 2013,’ she added.
Within the Non-food group, seven sub-groups recorded inflation rates higher than the group’s average rate of 11.5%. These include education 21.9%; alcoholic beverages, tobacco and narcotics 17.0%; clothing and footwear 16.3%; miscellaneous goods and services 15.0%; furnishing, household equipment 14.5%; recreation and culture 14.5%; and housing, water, electricity, gas and other utilities 12.2%. Health 11.2%; hotels, cafes and restaurants 8.3%; transport 7.4%; and communications 0.4% were recorded below the sector average rate of 11.5%.
At the regional level, the year-on-year inflation rate ranged from 5.8% in the Volta Region to 11.0% in the Greater Accra Region. Four regions, namely Greater Accra 11.0%, Northern 9.4%, Central 9.4%, and Ashanti 9.2%, recorded inflation rates above the national average of 8.8%. The other six regions, which rates were below the 8.8% are Eastern 8.0%, Brong Ahafo 7.9%, Upper East and Upper West 7.4%, Western 7.0%, and Volta 5.8%.

Comments

Popular posts from this blog

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…

Tigo donates 540 tablet phones Death and Birth Registry

By: Sarpongs.blogspot.com 
Tigo Ghana has presented 540 tablets phones with internet connectivity to the Births and Deaths Registry (BDR) for the pilot phase of the automated birth registration programme.
This form parts of Tigo’s strategic focus to accelerate birth registration in Ghana through mobile technology. Tigo in partnership with UNICEF is providing this technology platform.
A statement from Tigo stated that the tablets will allow birth registration attendants from the Births and Deaths Registry to electronically capture details of all new births in 300 communities across Ghana.
The automated birth registration programme which was launched in May this year, is expected to make a significant contribution to an improved national average registration rate, an increase from 65 percent of all children under age one to at least 75 percent by the end of 2017.
According to Tigo, a successful pilot will also contribute to progress under Ghana’s National Civil Registration and Vital Statist…

Vodafone fined a record £4.6 million for IT blunder

A top-up error left pay-as-you-go customers out of pocket and complaints were mishandled
Vodafone has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of pocket in a disastrous IT blunder.
Ofcom found that the operator mishandled complaints and failed to pay into the accounts of more than 10,000 pay-as-you-go customers when they topped up their credit.
The top-up error, which cost customers £150,000 over 17 months in 2014 and 2015, stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans caused so much protest that it made Vodafone the most complained-about mobile network in Britain.The technical issues were resolved by April 2015 and all accounts are now on the new system, Vodafone said.
Lindsey Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were serious and unacceptable, and these fines send a clear warning to all telecoms companies.”
The company says that it has ref…