Press release
Up from 14.7% in April 2014, the year-on-year
inflation rate, as measured by the Consumer Price Index (CPI), stood at
14.8% in May 2014, while the monthly change rate for May 2014 was 0.9%
against the 1.7% recorded in April 2014.
This means that the change in the general price level increased by
14.8% over the one year period, from May 2013 to May 2014, while the
change in the general price level went up by 0.1% between April 2014 and
May 2014.
Government Statistician, Dr Philomena Nyarko, who made these known at
a news conference in Accra, yesterday, disclosed that the Food and
non-alcoholic beverages group recorded an average year-on-year inflation
rate of 8.0% which was 1.0 percentage points higher than the 7.0 %
recorded in April 2014, while eight sub-groups within the Food and
non-alcoholic beverages group recorded inflation rates above the group's
average of 8.0%.
Dr Nyarko said the price drivers for the food inflation rate were
mineral water, soft drinks, and fruit juices which recorded an inflation
rate of 21.9%; coffee, tea and cocoa which recorded a rate of 14.9% and
meat and meat products which recorded a rate of 11.8%.
She said the rate for food inflation was also driven by milk, cheese
and eggs which recorded an inflation rate of 11.4%; sugar, jam, honey,
chocolate and confectionary which recorded a rate of 9.7%; cereals and
cereal products which recorded a rate of 9.1%; oil and fats which
recorded 8.3% and food products which recorded 8.1%.
The non-food group, Dr Nyarko said, recorded an average year-on-year
inflation rate of 20.0% in May 2014 as against the rate of 20.6.%
recorded in April 2014, with two sub-groups recording year-on-year
inflation rates above the group's average rate.
She said the price drivers for the non-food inflation rate were
housing, water, electricity, gas and other fuels which recorded the
highest rate of 51.0%, with transport following at the rate of 27.0%,
while the hotels, cafes and restaurants sub-group recorded the lowest
inflation rate of 3.2%.
On regional differentials, Dr Nyarko said, the year-on-year inflation
rate ranged from 11.2% in the Upper West region to 16.1% in the Greater
Accra region, with five regions--Greater Accra, Eastern, Upper East,
Western and central--recording inflation rates above the national
average of 14.8%.
She said the Greater Accra region recorded the highest regional
year-on-year inflation rate of 16.1% while the Upper West region
recorded the lowest inflation rate of 11.2%
The CPI measures the change over time in the general price levels of
goods and services that households acquire for the purpose of
consumption, with reference to the price level in 2012, the base year,
which has an index of 100.
The rate of inflation has two main components, namely food inflation and non-food inflation.
The rate of inflation for May 2014 is, therefore, the percentage
change in the CPI over the twelve-month period from May 2013 to May
2014.
Source: ISD (G.D. Zaney)
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