Accra, March 27, GNA - Figures released by the Ghana Statistical Service (GSS) have shown that inflation has stabilised over the past three months.
This is in spite of severe pressure on the cedi, which saw it crumbling and hitting all-time lows against the major foreign currencies. The GSS, in a document titled "Ghana: Consumer Price Index Numbers" for February, said after hitting a high of 13.1 in September 1999, inflation has stabilised at 12.4 per cent since December, last year.
Economic analysts stress that it is impossible to reduce inflation beyond its current level in view of unfavourable international economic conditions. The prices of Ghana's major exports - cocoa and gold - are falling while the price of its major import - crude oil - has gone up.
The document said the National Index for February was 140.12, which was up 3.3 per cent on 135 for January. This was up 14.9 per cent over the index for the sane month in 1999, which was 121.91.
It named commodities that contributed to the increase in the index as including dried pepper, smoked herrings and yam, among others. "The Food and Beverages sub-sector showed a three per cent increase while sub-groups that showed further increase were housing and utilities (3.0 per cent), household goods (1.5 per cent), Transport and Communications (9.7 per cent), and miscellaneous goods and services (3.3 per cent)".
The Urban Index in February was 133.82, compared with 129.62 in January, an increase of 3.2 per cent. The index for food and beverages here recorded a 2.1 per cent increase.
Clothing and Footwear went up 2.1 per cent, Housing and Utilities inched up 3.4 per cent and Transport and Communications, 11.2 per cent. The document put the Rural Index in February at 145.50, up 3.3 per cent over the February figure of 140.89.
The Food and Beverages sub-sector in the rural areas was up by 3.6 per cent. Transport and Communications went up 7.9 per cent, housing and utilities (2.6 per cent), medical care and health expenses (3.1 per cent) and miscellaneous goods and services (3.8 per cent).
