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Inflation rate for February 2020 stands at 7.8 per cent

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The national year-on-year inflation rate stood at 7.8 per cent for the month of February 2020, the same rate as last month.

The Month-on-month inflation between January 2020 and February 2020 was 4 per cent.

Alcoholic Beverages, Tobacco & Narcotics (11.6%), Transport (9.9%), and Recreation (9.0%) were the Divisions with the highest rates of inflation.

These were contained in the press statement read by the deputy Government Statistician, David Combat, on Wednesday, March 11, in Accra.

According to Mr Combat, “the Food and Non-alcoholic beverages Division recorded a year-on-year inflation rate of 7.9% representing 1 percentage point higher than last month.”

He said, National Non-food year-on-year inflation for February 2020 was 7.7%, lower than the 7.9% recorded in January 2020.

Between January 2020 and February 2020 the price level of Food and Non-alcoholic beverages increased by .5%.

 This rise is predominantly driven by an increase in price levels of Vegetables, Fruits and Nuts, and Cocoa Drinks.

Non-food Sub-classes with the highest year-on-year inflation include: Other Transport Services (34%), Postal and Courier Services (24.6%), and Narcotics (23.1%).”

Similar to last month, Education (not defined by level) (-8.5%), Electric Appliances for Personal Care (-8.1%), Cars (-4.4%), Sports Equipment (-2.6%), and Electricity (-9%) had negative year-on-year inflation rates.

On Regional Food and Non-food inflation rates, the Northern Region had consistently recorded higher Non-food inflation rates over the 7 months, while for example, Upper East Region has had higher rates of Food inflation.

The Consumer Price Index (CPI) measures proportionate changes in the prices of a fixed basket of goods and services that households in Ghana consume. This index is then referenced to the price level of 2018, the base year. Relative changes in this index can be expressed as inflation.

Story filed by Edzorna Francis Mensah.

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