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February 9, 2011
yearly
8.58% 9.08%
The rate of inflation is the percentage change in the Consumer Price Index (CPI) over the twelve-month period from January 2010 (319.83) to January 2011 (348.87). The monthly change is the percentage change in the CPI over one month (Table 1).
The Consumer Price Index (CPI) is the average price level measured relative to a reference period, usually called a base year. The base year for Ghanas CPI is 2002, which is equated
Nov-10 Jan-10 Jun-10 Feb-10 Mar-10 May-10 Aug-10 Sep-10 Dec-10 Jan-11
9.1
319.8
300
Apr-10
Jul-10
Inflation trend
The rate of inflation fell continuously over an eighteen month period from 20.74% in June 2009 to 8.58% in December 2010, with declines of more than 1 percentage points occurring in four months (September 2009, November 2009, January 2010 and April 2010) (Figure 2). There was a change in the trend as the rate inched up by 0.5 percentage points in January 2011 (9.08%).
May-10
Feb-10
Mar-10
Jul-10
Oct-10
to 100. The January 2011 CPI was 348.87, i.e. 29.1 points
250
Nov-10
Dec-10
Apr-10
Sep-10
Aug-10
Jan-10
Jun-10
Oct-10
Jan-11
Mineral waters, soft drinks and juices Sugar, jam, honey, sirups, chocolate and confectionary Fruit Meat
The food and non-alcoholic beverages group has been recording single digit inflation rate since January 2010. The non-food inflation rate, on the other hand, though declining has
Milk, cheese and eggs Coffee, tea and cocoa Oil and fats
In the food group (which has a weight of 44.91%) sub groups with the highest inflation rates are Mineral waters, soft drinks and juices (24.06%), Sugar, jam, honey, syrups, chocolate and confectionary (18.57%), and Fruit (12.87%); the average
%
25
The non-food group with a weight of 55.09% has major influence on overall rate of inflation. In January 2011 there was an appreciable inflation rate in Transport (19.42%), Alcoholic beverages, tobacco and narcotics (19.25%) and Housing, water, electricity, gas and other (14.79%); the average January non-food inflation rate is 11.82%, (Figure 4).
Transport Alcoholic beverages, tobacco and narcotics Housing, water, electricity, gas and other Clothing and footwear Miscellaneous goods and services
Regional differentials
Inflation rates in the regions range from 5.83% (Volta region) to 12.50% (Greater Accra region). The Upper East and West and Greater Accra regions recorded inflation rates above the
Hotels, cafs and restaurants Furnishings, household equipment etc Health Recreation and culture Education Communications
Dissemination
The detailed information on the series is contained in the CPI Users guide at GSS. The target publication date of the monthly newsletter is 15th of the month. It is released on the second Wednesday of each month, and on the third, when the 15th of the month falls on Wednesday. The next release date is 9th March 2011.
Index 2002 = 100 218.73 254.87 303.93 336.48 319.83 324.66 328.35 332.99 339.21 344.52 347.35 344.87 339.66 336.43 338.01 341.83 348.87
Change rate (%) Monthly 1.01 1.41 1.25 0.69 1.59 1.51 1.14 1.41 1.87 1.57 0.82 -0.71 -1.51 -0.95 0.47 1.13 2.06 Yearly 10.73 16.46 19.29 10.79 14.78 14.23 13.32 11.66 10.68 9.52 9.46 9.44 9.38 9.38 9.08 8.58 9.08
Source: Ghana Statistical Service (GSS)
400
348.87
319.83
300
250 Feb-10 Mar-10 Jun-10 Jul-10 Aug-10 Sep-10 Nov-10 May-10 Dec-10 Jan-10 Apr-10 Oct-10 Jan-11 9.08 2.06 Jan-11
16 14 12 10 8 6 4 2 0 Jan-10 Jun-10 Feb-10 Mar-10 Apr-10 May-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 -2 -4 Dec-10
Month-on-month inflation
Year / Month 2007 average 2008 average 2009 average 2010 average
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11
Non-food
10.73 16.46 19.29 10.79 14.78 14.23 13.32 11.66 10.68 9.52 9.46 9.44 9.38 9.38 9.08 8.58 9.08
9.46 15.10 15.78 6.13 9.08 8.17 7.35 5.81 4.69 6.13 5.84 5.33 5.67 5.62 5.32 4.50 4.84
11.68 17.47 21.83 14.01 18.79 18.54 17.55 15.82 14.98 11.89 11.96 12.25 11.84 11.82 11.50 11.22 11.82
11.82
Combined Food and non-food Food and non alcoholic beverages Non-food
Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10
4.84
Jan-11
Change rate (%) Monthly 2.06 0.00 -0.03 1.63 0.00 0.05 -0.05 0.52 0.88 0.17 0.03 0.07 16.55 Yearly 9.08 0.00 0.89 4.84 6.83 9.23 9.88 10.33 10.87 11.16 14.79 19.25 19.42
348.87 272.95 282.42 293.02 533.50 571.51 305.46 537.71 291.88 274.25 451.99 354.69 582.45
% 0 5 10 15 20 25
Combined (Food and non-food) Food and non-alcoholic beverages Mineral waters, soft drinks and juices Sugar, jam, honey, sirups, chocolate and confectionary Fruit Meat Milk, cheese and eggs Coffee, tea and cocoa Oil and fats Fish Food products n.e.c. Vegetables incl potatoes and other Bread and cereals Non-food Transport Alcoholic beverages, tobacco and narcotics Housing, water, electricity, gas and other Clothing and footwear Miscellaneous goods and services Hotels, cafs and restaurants Furnishings, household equipment etc Health Recreation and culture Education Communications
100.00 44.91 0.95 1.17 2.12 4.07 1.69 0.69 2.48 10.24 1.06 12.46 7.97 55.09 6.21 2.23 6.98 11.29 2.99 8.28 7.83 4.33 3.04 1.60 0.31
10.46%
8.99%
7.09%
5.83%
8.89 % 7.48%
Index (2002=100) Western Region Central Region G. Accra Region Eastern Region Volta Region Ashanti Region Brong Ahafo Region Northern Region Upper East & West Region NATIONAL 361.99 354.92 367.36 351.23 372.45 327.22 303.85 332.98 360.93 348.87 Month-on-month inflation Western Region Central Region G. Accra Region Eastern Region Volta Region Ashanti Region Brong Ahafo Region Northern Region Upper East & West Region NATIONAL 2.50 1.61 3.04 2.77 0.35 2.23 0.63 0.96 0.77 2.06 Year-on-year inflation Western Region Central Region G. Accra Region Eastern Region Volta Region Ashanti Region Brong Ahafo Region Northern Region Upper East & West Region NATIONAL 8.55 7.46 12.50 7.48 5.83 8.89 7.09 8.99 10.46 9.08 6.53 3.12 10.79 0.93 2.93 3.75 -0.36 0.57 7.07 4.84 9.95 9.97 13.47 12.73 9.21 11.74 12.06 14.36 12.88 11.82 2.70 3.12 0.36 2.47 -0.03 2.78 1.09 2.53 1.19 1.63 2.37 0.80 4.61 3.00 0.79 1.95 0.36 0.10 0.48 2.32 331.12 253.60 318.28 303.47 414.22 254.09 243.02 257.61 289.90 293.02 386.29 453.04 402.05 395.94 335.23 384.11 356.87 398.42 432.81 394.39