Inflation rate for the month of May is 16.9 per cent based on the Consumer Price Index (CPI) over the 12-month period, from May 2014 to May 2015.
This represents a marginal increase of 0.1 per cent from the April rate of 16.8 per cent.
The monthly change rate for May 2015 was 1.0 per cent compared to the 1.8 per cent recorded in April 2015.
Consumer inflation, which is measured by the CPI, considers 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.
Government Statistician, Dr Philomena Nyarkoh, addressing a news conference in Accra Wednesday said the increase could partly be attributed to food and non-food inflation.
According to her, the food and non-food beverages group recorded a year-on-year inflation rate of 7.3 per cent – 0.1 per cent higher than the 7.2 per cent recorded in April 2015.
The non-food group recorded a year-on-year inflation rate of 23.4 per cent in May 2015, compared to the 23.2 per cent recorded for April 2015.
Four sub-groups recorded a year-on-year inflation rates higher than the group’s average rate of 23.4 per cent.
Housing, water, electricity, gas and other fuels, being the main drivers of the non-alcoholic foods, recorded the highest rate of 25.4 per cent followed by transport with 25.2 per cent.
However, inflation in the communication sub-group recorded the lowest with 13.1 per cent, being the lowest for three consecutive months from March to May 2015.
The main price drivers for the food inflation rate were mineral water, soft drinks, fruits and vegetables, recording 16.4 per cent with coffee, tea and cocoa recording 17.1 per cent, while food products recorded 18.8 per cent.
Sugar, jam, honey, chocolate and confectioneries also recorded 16.9 per cent, while meat and meat products recorded 13.3 per cent, with milk, cheese and eggs recording 13.2 per cent and cereals and cereal products also recording 8.3 per cent.