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Ghana Cost of Living Inflation leaps to 19.2%

According to her transport was identified as the main contributory factor for the food inflation recorded in the month.

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Ghana’s inflation rate for the month of March has seen a 0.7 percent increase to 19.2% from February’s 18.5%.

This was  revealed by government statistician Dr. Philomena Nyarko, who is believed to be delivering her last inflation rate press conference as head of the Ghana Statistical Service, as she prepares to resign on May 11.

According to her transport was identified as the main contributory factor for the food inflation recorded in the month.

 This was because Commercial transport fares saw 15 percent increase across the country in the month of February.

The local currency which depreciated by 0.1%, for the first time in the year, was found to have had no negative impact on the prices of imported items.

In a press briefing in Accra, “Once we touch petroleum products it will translate into high transport fares which will also translate into high prices of items that would have to be transported”, she said.

“So we will definitely see it reflected unless there are other policies that will bring down or dampen the effects.”

READ MORE: Inflation Producer Inflation on ex-factory prices drops

On regional analyses, Dr. Nyarko said the Greater Accra and Ashanti regions recorded higher inflation rate than the national average rate of 19.2 percent.

She said Greater Accra Region recorded an inflation rate of 22.9% which she described as “the highest year-on-year”.

The Ashanti region also recorded an inflation rate of 20.5 percent followed by Upper East Region at 14.0 percent.

Dr. Nyarko has said the high inflation rate is expected to continue into April because of the increase in crude oil prices which will affect transportation fares in the country.

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