Business News of 2014-05-14

Inflation for April hits 14.7%

Inflation for the month of April has hit a high rate of 14.7 percent. This figure was up from a rate of 14.5 percent recorded in March.

This means the average prices of goods and services in Ghana have gone up 14.7 percent in the past one year. This is the highest since February 2010.

The average prices of food and beverages, however, went up by 7 percent in April. The food inflation was dominated by Mineral water and soft drinks whose average prices went up by 22.1 percent compared to same period last year.

Ashanti Region recorded the highest rate of inflation with 17.4 percent while Upper West recorded the lowest with a rate of 9.8 percent. Average prices of goods and services in the Greater Accra region however were up by 14.7 percent.

Deputy Government statistician Baah Wadeah addressing the media today said “For the food inflation we realized that it was fairly stable between March and April, 2013. It was around 6.67percent.

Then it started an ascendency from about June 2013 to about September 2013, from 7.3 to 8.9 percent. It then dipped to 6.9 percent and then fairly stable between November 2013 and January 2014”. The Non-food group inflation also went up to 20.6 percent compared to a rate of 19.2 percent recorded in March. The group’s inflation rate was dominated by Housing, water, electricity and gas where the prices went up by a staggering 50.5 percent. The International Monetary Fund (IMF) after its Article IV Consultation with Ghana is projecting 2014 to end at an inflation rate of 12.3 percent.