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June 2012 inflation pegs at 9.4%

By Fred SARPONG
The annual inflation (year-on-year) as recorded by the Consumer Price Index (CPI) went up to 9.4% in June 2012, from 9.3% in May 2012, according to Kofi Agyeman-Duah, the acting Deputy Government Statistician in charge of operation.
The June 2012 inflation rate recorded 0.1 % points higher than that of the May figure of 9.3%.

The CPI measures changes over time in the general price level of goods and services that households acquire for the purpose of consumption.

The monthly change for June 2012 was 1.4% which was 0.6 % lower than that of May 2012, which had 2.0%. Negative monthly rates recorded in August, September and October last year and these are as a result of seasonal changes in food prices.

The non-food group remains the major contributor to the upward pressure on the general price level. The group recorded a year-on-year inflation rate of 11.9% in June 2012.

The non-food group, with a combined weight of 55.09%, had six sub-groups recording year-on-year inflation rates above the group’s average of 11.9%. They include transport which recorded the highest rate of 19.7%, Alcoholic beverages, tobacco and narcotics with 16.3%.

Inflation was lowest in the communication group. However, hotels, cafes and restaurants; education; health; and housing, water, electricity, gas and others recorded rates lower than the group’s average rate of 11.9%.
The food and non-alcoholic beverages group, on the other hand, recorded a year-on-year inflation rate of 5.4%, slightly higher than the 5.0% recorded in May 2012.

Sub-groups that recorded comparatively high inflation rate in the food and non-alcoholic beverages group in June 2012 are minerals water, soft drinks and juices 19.1%; coffee, tea and cocoa 13.6%; meat 10.0%; sugar, jam, honey, syrups, chocolate and confectionary 9.8%; bread and cereals 7.5%; milk, cheese and eggs 6.8%; fish 5.9%; and relative to the average food inflation rate of 5.4% for June 2012.

On regional basis, seven regions, namely Upper East & Upper West (5.1%), Northern (8.1%), Eastern (8.7%), Volta (8.7), Brong Ahafo (9.0%), and Western (9.2%), recorded average inflation rates below the national average of 9.4% in June 2012. Greater Accra Region (9.8%), Ashanti Region (10.0%), and Central Region (12.2%) recorded rate above June inflation rate of 9.4%.


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