Ghana’s inflation rises slightly to 9.3% in March due to the recent performance of the cedi

Ghana’s inflation for the month of March has seen a slight increase of 9.3 per cent from the 9.2 per cent recorded in February. The month’s figure is 0.1 percentage points higher than the previous month.

Government Statistician, Mr Baah Wadieh

The Ghana Statistical Service (GSS) made the revelation at a press conference in Accra on Wednesday, April 10, 2019.

The rise the GSS said is partly attributed to the exchange rate seen recently.

According to the GSS, the food inflation basket recorded a rate of 8.4 per cent, compared to 8.1 per cent recorded in February 2019.

Prices of coffee, tea and cocoa (13 per cent), mineral water, soft drinks, fruit and vegetable juices (11.1 per cent) fruits (10.2 per cent) and meat and meat products (9.1 per cent) were the main drivers of the rise of the food inflation.

However, the non-food inflation rate of 9.7 per cent in February 2019 remained unchanged in March 2019. The non- food baskets were recreation and culture (14.1 per cent), transport (13.7 per cent), clothing and footwear (13.3 per cent) and furnishing, household equipment and routine maintenance (12.2 per cent).

The GSS further said four regions (Upper West, Brong Ahafo, Western and Ashanti) in the country recorded inflation rates higher than the national average of 9.3 per cent.

The Upper West Region recorded the highest year-on-year inflation rate of 11.4 per cent, followed by Brong Ahafo with 10.2 per cent. Meanwhile, the Upper East Region recorded the lowest year-on-year inflation of 7.9 per cent in March 2019.” This was lower than the nation’s inflation.

“We’ve seen an increase in inflation rate and it could be partly attributed to the exchange rate we’ve seen in recent weeks.”

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