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Inflation hits 19.2 percent in March

April 14, 2016, 9:11 a.m.

The inflation rate in the country has marginally increased to 19.2 percent in the month of March, Ghana Statistical Service (GSS) has disclosed.

Addressing a news conference on Wednesday, April 13, Government Statistician, Dr. Philomena Nyarko said the inflation increased from 18.5 percent in February representing a 0.7 percentage change to its present percentage point.

She said in the course of the calculation, transport was identified as the main contributory factor for the food inflation recorded in the month.
Commercial transport fares saw 15 percent increase across the country in the month of February.

Dr. Nyarko also stressed that, the local currency, which has been relatively stable in the past few months, was found to have had no negative impact on the prices of imported items.

This is because it moved slightly from 18.3% to 18.4%, she said.
“Once we touch petroleum products it will translate into high transport fares which will also translate into high prices of items that would have to be transported”, she said.

“So we will definitely see it reflected unless there are other policies that will bring down or dampen the effects.”

Touching on inflation in the ten regions of the country, Dr. Nyarko said the Greater Accra and Ashanti regions recorded higher inflation rate than the national average rate of 19.2 percent.

She said Greater Accra Region recorded an inflation rate of 22.9% which she described as “the highest year-on-year”.

The Ashanti region also recorded an inflation rate of 20.5 percent followed by Upper East Region at 14.0 percent.

Dr. Nyarko has said the high inflation rate is expected to continue into April because of the increase in crude oil prices which will affect transportation fares in the country.


Disclaimer: The views expressed in this news report do not necessarily reflect the position of the National Development Planning Commission (NDPC)