Skip to main content

Inflation up marginally to 11.4% in June 2013



By Fred Yaw Sarpong
Ghana Statistical Service (GSS) has announced that inflation for June, 2013 increased marginally to 11.4% compared to 11.1% recorded in May, this year, after the rebased of the consumer price index (CPI) basket.
This means that the general price level went up by 11.4% over the one year period from June 2012 to June 2013.
The acting Government Statistician, Dr. Philomena Nyarko announced this in Accra on Wednesday 10th June, 2013.
She stated that the monthly change rate for June 2013 was 2.6%. This means that the general price level went up by 2.6% for the one month period between May 2013 and June 2013. The monthly rate for May 2013 was 2.8%.
Dr. Nyarko stated that the global food prices affected the June 2013 inflation. She indicated that there is expectation that inflation will drop come the subsequence months, especially as we entering into food harvesting season.
The year-on-year non-food inflation rate was 15.7%. The rate for May 2013 was 15.7%. The year-on-year food inflation rate was 6.3%, up from 5.8% rate recorded for May 2013. The year-on-year non-food inflation rate of 15.7% was more than two times of food inflation rate of 6.3%.
Dr. Nyarko said that the price drivers of the non-food inflation rate were housing, water, electricity, gas and other utilities; education; clothing and footwear; hotels, cafes, and restaurants; furnishing, household equipment, recreation and culture; and miscellaneous goods and services.
The price drivers for the food inflation were oil and fats; sugar, jam, honey, syrups, chocolate, confectionary; milk, cheese and eggs; coffee, tea and cocoa; mineral water, soft drinks and juices; meat; bread and cereals; fish and among others.
Greater Accra recorded the highest inflation rate of 13.3% while Brong Ahafo region had the lowest rate of 9.7%. Other regional inflation rates were Ashanti 11.2%; Volta 11.0%; Upper East and Upper West 10.9%; Central 10.3%; Eastern 10.1%; Northern 10.1%; and Western 9.8%.
The new rebased saw the increase of the number of markets covered from 40 to 42 while the items in the basket also increased from 242 to 267.

This indicates that 25 new items was added to the old basket, representing about 10.33% increased.

Some of the new items include indomie/noodles, corn dough, cerelac, beef with borns, pork, frozen chicken, grasscutter, snails, koobi, yoghurt, coconut oil, ground nut oil, and fresh coconut.
The computing of new weights for items was based on the Ghana Living Standard Survey 5 (GLSS 5) while the old weights were based on GLSS 4.

The weight of an item in the consumer basket is the proportion of household consumption expenditure on each item. These were derived from the Ghana Living Standard Survey Round 5 (GLSS 5).

The 267 goods and services in the CPI basket were also grouped according to the Classification of Individual Consumption by Purpose (COICOP) recommended by ECOWAS.






Comments

Post a Comment

Popular posts from this blog

Vodafone sells 45% shares in Verizon for US$130 billion

Vodafone has sold its 45% stake in Verizon Wireless to US telecoms group Verizon Communications in one of the biggest deals in corporate history. The US$130 billion (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange. The company will return £54 billion to its shareholders, of which £22 billionn will go to shareholders in the UK. Vodafone will also invest money in its business, with funds earmarked for high speed mobile phone networks. It said that by 2017 its main five European markets would have almost complete 4G coverage. Possibly it would be wrong to carp and wring hands that Vodafone won't be paying a penny of tax to the British taxman” Vodafone group chairman Gerard Kleisterlee said: "The transaction will position Vodafone strongly to pursue our leadership strategy in mobile and unified communication services for consumers and enterprises, both in our developed markets and across our emerging markets businesses." The...
Post a Comment
Read more

Shortage of weighing cards hit major hospitals in Accra

By: Fred Yaw Sarpong- Daily Express There is scarcity of Child Health Records Book (weighing cards), in some major public hospitals in the capital, information reaching the Daily Express indicates. Checks by this paper revealed that while some of the hospitals have being encountering the shortage for about a year now, others started experiencing it six months ago. In place of the Child Health Record Book (weighing card), the nursing mothers are given a single card on which information of children are recorded on it. Those hospitals identified are the Korle Bu Teaching Hospital, Korle Bu Polyclinic, Kaneshie Polyclinic, Adabraka Polyclinic and the Ridge Hospital. At the Korle Bu Teaching Hospital, the nursing mothers are given yellow cards in place of the weighing cards. The Public Relations Secretariat at the Korle Bu Teaching Hospital said such information has not come to their notice and for that matter they cannot comment on it. “We do not have some ...
Post a Comment
Read more

Barbering Salons, bridging the unemployment gap in Ghana

By: Fred Yaw Sarpong Barbering business in Ghana is money making venture, depending on the location of the shop. Various barbering shops scattered across the country charges according to the location of the shop. The nature and sustainability of every barbering shop depends on the location of the shop. The location will determine how much one can charge a customer for barbering his or her hair. Checks indicate that some barbering shops located at Spintex, East Legon and Osu Oxford street charges between GHc15.00 and GHc20.00 per hair cut. At South La Estate, it will cost a customer to pay GHc4.00 for hair cut, while one will have to pay GHc3.00 to barber his or her hair at a place like Nima, Maamobi and Mallam Gbawe. Royal Vulture Executive Barbering Salon is one of the biggest barbering salons one can locate within Accra. One is its shops is located at Madina, near Taxi rank while one is located at Accra New Town, near the Post Office. Customers at Madina pay GHc7.00 ...
7 comments
Read more