The rate at which the prices of goods and services change in Ghana hit 16.4 % for January, the first month of 2015.
Inflation for January declined as compared to December, the last month of 2014.
January’s inflation declined to 16.4 percent from the 17 percent recorded in December 2014.
The year 2014 ended with inflation remaining rather stable.
December inflation was at 17%, same as recorded in the month of November.
Food inflation in January 2015 rose to 6.9 percent from 6.8 percent and non food inflation declined to 23 percent from 23.9percent.
Central Region recorded the highest inflation rate of 18.4 percent while the Upper West Region had the lowest inflation of 12.8 percent.
Five regions (Central, Volta, Ashanti, Greater Accra and Eastern) recorded inflation rates above the national average of 16.4 percent.
Deputy Government Statistician, Baah Wadie speaking to Citi Business News after he released the new figure said ‘ this is a year on year inflation which compares a 12 month period so it means the index of all the consumer items for January 2015 is being compared with the consumer price index for all the consumer items for January 2014’’.
According to him, the new inflation rate is a clear indication that between January 2014 and January 2015, price levels have gone up; hence one will need more purchasing power for goods and services.
Government is looking to reduce inflation to about 11.5% by the end of 2015, as announced by the Finance Minister Seth Terkper in the 2015 budget statement presented to Parliament in November 2014.
Credit: citifmonline