Skip to main content

Inflation goes up marginally to 13.2%

By; Fred Yaw Sarpong

    The year-on-year inflation rate for November 2013 increased marginally 13.2% from the inflation rate for October 2013, which was 13.1%, according to the Ghana Statistical Service (GSS). This represents an increase of 0.1 percentage point between October and November 2013
    This means that the change in the general price level was 13.2% over the one year period, from November 2012 to November 2013.
    The monthly change rate for November 2013 was 0.8% compared to the monthly rate recorded for October 2013, which was -2.3%
This, according to GSS means that the change in the general price level went up by 0.8% between October 2013 and November 2013.
    Mr. Baah Wadieh, acting Deputy Government Statistician announced this at a news conference in Accra on Wednesday 12 November, 2013.
    According to Mr. Wadieh the food inflation rate for November 2013 was 7.3% compared with 6.9% recorded in October 2013. However, the non-food inflation rate for November 2013 was 17.6%, compared with 17.7% recorded for October 2013.
   The food inflation rate of 7.3% was about two and a half times lower than the non-food inflation rate of 17.6%. Within the food group, three sub-groups recorded inflation rates higher than the group average of 7.3%. These are fish and seafood; mineral waters, soft drinks; and cereals and products.
    Within the Non-food group, four sub-groups recorded inflation rates higher than the group average rate of 17.6%. These include housing, water, electricity, gas and other fuels; transport; miscellaneous good and services; and clothing and footwear.
    Housing and Utility group recorded the highest main group’s inflation rate (34.1%) in November 2013. It recorded 0.7 percentage point between October and November 2013
    Communication group on the other hand recorded the highest change of 1.8 percentage points in the main group’s inflation rate between October (2.5%) and November (4.3%) 2013.
    Greater Accra region recorded the highest inflation rate of 14.9% in November 2013 while Upper East recorded lowest with 6.0%. The rest are Western 14.5%, Eastern 13.5%, Ashanti 13.3%, Central 12.7%, Northern 12.5%, Volta 12.1%, Brong Ahafo 11.1%, and Upper West had 6.4%.


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…

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…

Enterprise Life inaugurates social centre for Kumasi SOS village

By: Fred Yaw Sarpong
Enterprise Life and Sanlam South Africa together with SOS Children’s Villages Ghana have jointly inaugurated a newly constructed social centre at the SOS Children’s Village, Kumasi in the Ashanti region.
The project, valued at GHc485,000.00 forms part of Enterprise Life and Sanlam-South Africa’s corporate social responsibility (CSR) to promote quality education and health for vulnerable children in Ghana.
The newly established social centre provides a suitable multi-purpose facility with a spacious auditorium among others to host different social activities related to child growth and development and will cater for both SOS children and students of the Hermann Gmeiner School.
The centre also offers the beneficiaries the opportunity to freely socialize and participate actively in educational oriented activities such as school concerts, art exhibitions and workshops.
The Executive Director of Enterprise Life, Mrs. Jacqueline Benyi expressed satisfaction that her outf…