Inflation rate for February inches up to 9.2%

Inflation for the month of February has moved up to 9.2 per cent. The change reflects a 0.2 per cent increment from January’s inflation rate of 9.0 per cent.

The year-on-year inflation rate as measured by the CPI was 9.2 per cent in February 2019, up by 0.2 percentage point from the 9.0 per cent recorded in January 2019.

This rate of inflation for February 2019 is the percentage change in the Consumer Price Index (CPI) over the twelvemonth period, from February 2018 to February 2019.

The monthly change rate for February 2019 was 1.0 per cent the same as the rate recorded for January 2019.

The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.1 per cent. This is 0.1 percentage point higher than the rate recorded in January 2019.

Four subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 8.1 per cent.
”
The main “price drivers” for the non-food inflation rate were Clothing and footwear (13.3%), Recreation and Culture(13.2%), Transport (12.8%), Furnishing, Household Equipment and Routine Maintenance (11.6%) and miscellaneous goods and services (10.0%)”.Acting government statistician David Kombat explained.

Mr Kombat said, “The price drivers for the food inflation rate were Coffee, tea and cocoa (11.6%), Fruits (10.0%), Mineral water, soft drinks, fruit and vegetable juices (9.9%) and Meat and meat products (9.1%)”.

On the regional level, four regions – Upper West, Brong Ahafo, Western and Ashanti recorded inflation rates above the national average and Volta region recorded the same inflation rate as the national average of 9.2 per cent.

Upper West region recorded the highest year-on-year inflation rate of 11.4%, followed by Brong Ahafo region (10.2%), while the Upper East region recorded the lowest year-on-year inflation rate (7.9%).

Source:  JoyBusiness