THE CONSUMER Price Index (CPI) which measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption for the month of July 2015 shot up to 17.9 percent from 17.1 in the month of June 2015.
Briefing the press in Accra yesterday, the Government Statistician, Dr. Philomena Nyarko explained that the year-on-year inflation rate as measured by CPI went up by 0.8 percentage point from the 17,1 percent recorded in June 2015.
Dr. Nyarko said the rate of inflation for July 2015 is the percentage change in the CPI over the twelve-month period, from July 2014 to July 2015.
She added that the monthly change rate for July 2015 was 2.3 percent compared to the 1.8 percent recorded for June 2015.
The Statistician elaborated that the food and non-alcoholic beverages group recorded a year-on-year inflation rate of 7.6%, which is 0.2 percentage point higher than the 7.4% recorded in June 2015.
She said “seven sub-groups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 7.6%. The main price drivers for the food inflation were mineral water, soft drinks, fruit and vegetable juices 14.5%, coffee, tea and cocoa 14.3%, food products N.E.C 13.9%, sugar jam, honey, chocolate and confectionery 13.8%, meat and meat products 11.6%, milk, cheese and eggs 9.6% and vegetables 9.3%.”
For the non-food group, Dr. Nyarko indicated that a year-on-year inflation rate recorded 24.6% in July 2015, compared to the 23.6% recorded for June 2015.
She added that five sub-groups recorded year-on-year inflation rates higher than the group’s average rate of 24.6%.
She said “The main price drivers for the non-food inflation rate were housing, water, electricity, gas and other fuels 27.1%, transport 25.7%, recreation and culture 25.5%, clothing and footwear 24.9% and furnishings, household equipment and routine maintenance 24.9%.”
At the regional level, the year-on-year inflation rate ranged from 14.3% in the Northern region to 19.8% in the Central region.
Four regions that are Central, Ashanti, Volta, and Upper East recorded inflation rates above the national average of 17.9%.
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