Inflation from the consumer’s perspective increased by 0.1 per cent in February 2015.
The February rate is 16.5 per cent, compared to the January rate of 16.4 per cent, being the Consumer Price Index (CPI) over the 12-month period, from February 2014 to February 2015.
The monthly change rate for February 2015 was 1.2 per cent compared to the 3.4 per cent recorded in January 2015.
Consumer inflation, which is measured by the CPI, looks at the change over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2012, the base year, which has an index of 100.
Addressing a news conference in Accra yesterday, the Government Statistician, Dr Philomena Nyarkoh, said the increase could partly be attributed to food and non-food inflation.
According to her, the food and non-alcoholic beverages group recorded a year-on-year inflation rate of 7.0 per cent, a 0.1 percentage point higher than the 6.9 per cent recorded in January 2015.
The non-food group recorded a year-on-year inflation rate of 23.0 per cent in February 2015, same as what was recorded in January 2015.
Two sub-groups also recorded year-on-year inflation rates higher than the group’s average rate of 23 per cent.
Housing, water, electricity, gas and other fuels, being the main drivers for the non-food inflation, recorded the highest rate of 28.6 per cent, followed by transport with 25.2 per cent.
However, inflation in the communication sub-group was the lowest with 12.6 per cent.
The main price drivers for the food inflation rate were mineral water, soft drinks, fruits and vegetables, recording 17.3 per cent with coffee, tea and cocoa recording 16.4 per cent, while food products recorded 15.7 per cent.
Sugar, jam, honey, chocolate and confectioneries also recorded 15.1 per cent, with meat and meat products recording 13.9 per cent, while milk, cheese and eggs recorded 12.6 per cent and cereals and cereal products also recording 8.3 per cent.
Dr Nyarkoh noted that the year-on-year inflation rate ranged from 13.3 per cent in the Upper West Region to 20.0 per cent in the Central Region.