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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%.

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