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Inflation falls to 12.8% in March 2017

Berlinda Entsie

For the third consecutive time in 2017, Ghana’s inflation rate has dropped to 12.8 percent. The Ghana Statistical Service says, March’s 12.8 percent is the lowest since December 2013.

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This represents a 0.4 percent decrease from February’s inflation rate .

The year-on-year inflation rate as measured by the CPI stood at 12.8 percent in March 2017, down by 0.4 percentage point from the 13.2 percent recorded in February 2017.

READ ALSO: Inflation in Ghana February PPI increases to 5.4%

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This rate of inflation for March 2017 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from March 2016 to March 2017.

The monthly change rate for March 2017 was 1.3 percent compared to the 0.6 percent recorded for February 2017.

The inflation of goods and services also showed that the non-food component dropped from 16.4 to 15.6 percent.

The major determinants for the non-food component were recreation and culture, furnishings, household equipment and routine maintenance, clothing and footwear, education and health.

READ ALSO: Producer Inflation drops to 3.1 percent in January 2017

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Explaining the cause of the drop in inflation, acting Government Statistician, Baah Wadieh attributed it to the low rate of upward price reviews this year.

“Because of the removal of subsidies from petroleum products, electricity and water, the prices of these items went up in 2016 which led to the rise in inflation. After the major deregulation exercise in early 2016, there have not been any major adjustments in prices”.

Mr. Wadieh added, “So what is happening is that most of these increases have run almost a twelve month cycle and their effects are easing out and that is what we have been witnessing in the inflation rate particularly this year.”

READ ALSO: Inflation rate for February drops to 13.2 percent

Meanwhile the Greater Accra and Upper West regions recorded the highest year on year infl ation rate of 13.7 percent while the Volta region recorded the lowest inflation of 10.7 percent.

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Berlinda Entsie Berlinda Entsie Berlinda Entsie a reporter at Pulse.com.gh/bi/. She reports on all your business related issues and always ready to promote your business through amazing reportage.

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