Per the latest data, food inflation also stood at 50.8% and Non- food inflation at 40.6%.
Government Statistician, Professor Samuel Kobina Annim during the presentation of the March report said from the regional level, the Western North recorded the highest inflation with 67.3 percent.
The Volta region recorded the least inflation at 25.6 percent.
Month-on-month inflation between February 2023 and March 2023 was -1.2%
The Consumer Price Inflation for March 2023 was 166.6 relative to 114.9 for March 2022 using the linked series.
Definition and measurement of CPI and rate of inflation:
âȘCPI measures changes in the price of a fixed basket of goods and services purchased by households
âȘThe assumption is that the basket is purchased each month, hence captures price changes each month
âȘThe rate of inflation is the relative change in CPI between periods âȘInflation is reported year-on-year (annual inflation) and month-on-month (monthly inflation), and granulated to determine regional and commodity type and source of inflation
âȘCPI does not measure price levels
âȘThe measures of CPI and inflation are based on the Consumer Price Index Manual: Concepts and Methods âȘData (market readings) are captured monthly
âȘKey variables are prices, quantities and expenditure weights of items âȘPrice reference year for the new series is 2021 (2021 = 100)
âȘPrices are collected for 47,877 products every month from 16 regions.
âȘPrice collection is done in 57 markets âȘPrices are collected from about 8,337 outlets.
âȘProducts are ordered in a hierarchy of 13 Divisions, 44 Groups, 98 Classes, 156 Subclasses and 307 Items.
âȘEvery Item can only be part of one Subclass, and every Subclass can only be part of one Class, etc.
Disaggregation of March 2023 rate of inflation:
âȘFood inflation (0.437) was 50.8%
âȘLast monthâs Food inflation was 59.1%
âȘMonth-on-month Food inflation was -0.9%.
âȘNon-food Inflation- (0.563) was 40.6%
âȘLast monthâs Non-Food inflation was 47.9 %
âȘMonth-on-month Non-Food inflation was -1.5%
âȘInflation for locally produced items was 41.9%
âȘInflation for imported items was 51.6%