The year-on-year inflation rate as measured by the Consumer Price Index (CPI) stood at 16.9 per cent in May 2015, up by 0.1 percentage point from the 16.8 per cent recorded in April 2015.
This rate of inflation for May 2015 is the percentage change in CPI over the 12-month period, from May 2014 to May 2015.
The CPI measures 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.
“The monthly change rate for May 2015 was 1.0 per cent compared to the 1.8 per cent recorded for April 2015,” Dr Philomena Nyarko, Government Statistician, stated on Wednesday at a press conference in Accra to present the May CPI.
She said the food and non-alcoholic beverage group recorded a year-on-year inflation rate of 7.3 per cent; which was 0.1 percentage point higher than the 7.2 per cent recorded in April 2015.
She observed that seven sub-groups of food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 7.3 per cent.
Dr Nyarko said the non-food group recorded a year-on-year inflation rate of 23.4 per cent in May 2015, compared to 23.2 per cent recorded for April 2015.
She said four subgroups recorded year-on-year inflation rates higher than the group’s average of 23.4 per cent.
Housing, water, electricity, gas and other fuels recorded the highest rate of 25.4 per cent, followed by transport with 25.2 per cent, clothing and footwear with 24.4 per cent, and furnishing, household equipment and routine maintenance with 23.5 per cent.
The Government Statistician said inflation was lowest in the communication sub-group with 13.1 per cent.
At the regional level, Dr Nyarko said, the year-on-year inflation rate ranged from 15.4 per cent in both the Upper West and Western Regions to 19.0 per cent in the Central Region.
She stated that five regions namely Central, Ashanti, Volta, Upper East and Greater Accra recorded inflation rates above the national average of 16.9 per cent.
Dr Nyarko also announced that the Statistical Service would be presenting the Gross Domestic Product (GDP) and the Producer Price Index (PPI) reports at a press conference on Wednesday, June 17, 2015.