Skip to main content

Inflation returns to double digits

By Fred Sarpong
The year-on-year inflation rate for March 2013 was 10.4%, up from 10% recorded in February, this year. This is the highest since June 2010. This inflation is measured by the Consumer Price Index (CPI).
This means that the general price level went up by 10.4% over the one year period from March 2012 to March 2013.
The monthly change rate for March 2013 was 1.7%. This means that the general price level went up by 1.7% for the one month period between February 2013 and March 2013. The monthly rate for February 2013 was 2.6%.
Dr. Philomena Nyarko, the acting Government Statistician announced this to the media in Accra last week. She stated that the year-on-year non-food inflation rate was 13.2%. The rate for February 2013 was 12.6%.
The year-on-year food inflation rate was 5.5%, up from 5.3% rate recorded for February 2013. Thus year-on-year non-food inflation rate was about two and a half times that of the food inflation rate.
She indicated that the main drivers of the non-food inflation rate were miscellaneous goods and services 16.5%, transport 15.7%, clothing and footwear 15.3%, education 15.1% housing, water, electricity, gas and other utilities 14.5%.
Meanwhile, milk, cheese and eggs 15.2%; mineral water, soft drinks and juices 14.5%; sugar, jam, honey, syrups, chocolate and confectionary 11.3%; meat 10.6%; oil and fats 10.4% were the main drivers that pushed food inflation to 5.5%.
Greater Accra recorded the highest inflation rate of 12.2% while Western region had the lowest rate of 8.2%. Other regional inflation rates were Ashanti 11.2%; Northern 10.5%; Volta 9.6%; Eastern 9.6%; Brong Ahafo 9.5%; Upper East and Upper West 9.5%; and Central 9.5%.


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

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…