Annual Inflation, the measure of the rate of change in prices of consumer goods and services over a period of time inched up 0.1 percentage points to 9.3 percent for the month of March in Ghana, compared with the 9.2 percent recorded in February, Ghana Statistical Service (GSS) stated here on Wednesday.
The Monthly change rate for March was also 1.2 percent compared with the 1.0 percent recorded the previous month.
The inflation rate determines how much more or how much less consumers have to pay for common consumer goods and services over the survey period, thus giving a clear indication of the value of earnings of citizens in relation to the volume of goods and services their earnings can afford.
Food inflation increased to 8.4 percent in March from the previous 8.1 percent, while non-food inflation remained at 9.7 percent during the month under review just as it had recorded in February.
“There are various factors that caused the rise in the rate of inflation and the currency depreciation is one of them,” David Kombat Deputy Government Statistician explained.
During the month under review, the year-on-year inflation rate for imported items was 11.1 percent which was 2.6 percentage points higher than the inflation rate for locally manufactured items which was 8.5 percent.
Kombat added that since some of the effects of the exchange rate depreciation had lagged, the full effects could be seen in coming weeks and months. lag
The new Government Statistician, Prof. Samuel Kobina Annim noted that inflation rate for imported items was a major driver of headline inflation and so it was important to identify the link between the exchange rate and inflation.
This is the second consecutive time the consumer inflation rate rose this year after dropping to 9.0 percent in January. Enditem