Up from 13.2% in November 2013, the year-on-year inflation rate, as measured by the Consumer Price Index (CPI), stood at 13.5% in December 2013, while the monthly change rate for December 2013 was 1.0% against the 0.8% recorded in November 2013.
This means that the change in the general price level was 13.5% over the one year period, from December 2012 to December 2013, while the change in the general price level went up by 0.1% between November 2013 and December 2013.
The December inflation rate of 13.5% is the highest since March 2010.
Government Statistician, Dr Philomena Nyarko, who made these known at a news conference in Accra, yesterday, disclosed that the Food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 7.2% which is 0.1 percentage points lower than the 7.3 % recorded in November 2013, while three sub-groups within the Food and non-alcoholic beverages group recorded inflation rates above the group’s average of 7.2%.
Dr Nyarko said the price drivers for the food inflation rate were Mineral water, soft drinks, fruit juices (9.6 %), Fish and sea foods (8.8%) and Cereals and cereals products which recorded an inflation rate of (7.6%).
The non-food group, she said, recorded an average year-on-year inflation rate of 18.1% in December 2013, as against the rate of 17.6% recorded in November 2013, with two sub-groups recording year-on-year inflation rates above the group’s average rate.
She said Housing, water, electricity, gas and other fuels—the price drivers for the non-food inflation rate— recorded the highest rate of 35.0%, with transport following at the rate of 25.6%, while communications recorded 4.4%, the lowest in the Communications group.
Dr Nyarko said the year-on-year food inflation rate of 7.3% was about two and a half times lower than the non-food inflation rate of 17.6%.
On regional differentials, she said, the year-on-year inflation rate ranged from 6.2% in the Upper West region to 14.8% in the Central region, with five regions—Central, Greater Accra, Western, Eastern and Ashanti— recording inflations rate above the national average of 13.5%.
The CPI measures the change over time in the general price levels of goods and services that households acquire for the purpose of consumption, with reference to the price level in in 2012, the base year, which has an index of 100.
The rate of inflation has two main components, namely Food inflation and Non-food inflation.
The rate of inflation for December 2013 is, therefore, the percentage change in the CPI over the twelve-month period from December 2012 to December 2013.
Find Below INFLATION RATES for 2013
January - 8.80
February - 10.0
March - 10.4
April - 10.6
May - 11.1
June - 11.6
July - 11.8
August - 11.5
September - 11.9
October - 13.1
November - 13.2
December - 13.5
Source: GBC
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