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May 12, 2011

Ghana’s inflation drops

Dr Grace Bediako, the Government Statistician has announced that Ghana’s annual rate of inflation has dropped from 9.13 per cent in March to 9.02 percent in April due to low food prices.

She adds that food and non-alcoholic beverage group have a 0.52 percentage point decline, whilst the non-good group recorded 0.16 percentage increase.

 Dr. Bediako made this announcement at a news conference in Accra, pointing out that, the slight decline could be attributed to the downward trend in the prices of the food and non-alcoholic beverage group.

 She said “the non-food inflation is almost three times the inflation in the food group led by clothing, footwear and transport, contributing 12.6 per cent”.

 Dr. Bediako further stated that inflation rates in the regions range from as low as 5.24 percent in the Volta to 12.31 percent in the Greater Accra Region, whilst Upper East and West, Ashanti and Greater Accra regions recorded inflation rates above the national rate of 9.02 percent.

 Mr. Ebo Duncan, Director of Economic Statistics, on his part said inflation reduced in April, because fuel prices have remained stable after last January’s increases and therefore did not register any significant impact over the last one month.

 He stated “in addition, locally-produce foods are still in abundance, coupled with quite a stable exchange rate”.

 The Bank of Ghana’s monetary policy committee is due to announce the interest rate on Friday and most analysts expect it to maintain the policy rate of 13.5 percent.

Source: ISD