Food, fuel prices push February inflation rate out of gear

Ghana’s inflation rate has once again risen to hit 15.7 percent in February 2022.

This represents a 1.8 percent jump in the inflation rate compared to the 13.9 percent recorded in the first month of this year.

The current rate is the highest recorded since the rebasing of the CPI and inflation in August 2019.

This new rise in the inflation rate confirms predictions by economists and stakeholders that prices of fuel and food will continue to rise following tensions between Ukraine and Russia.

Already, Ghanaians are bearing the effect of the tensions on the price of fuel, which in turn has led to an increase in transport fares.

According to data from the Ghana Statistical Service, the 15.7 percent increase in February 2022 was mainly influenced by housing, water, electricity and gas (25.4%); transport (18.3%) as well as food and non-alcoholic beverages (17.4%).

Food and Non-Food Inflation

Food inflation regained its dominance, recording 17.4 percent year-on-year inflation, as against the 13.7 percent recorded in the previous month, all above a national average of 15.7 percent.

This month’s food inflation (17.4%) is higher than both last month food inflation (13.7%) and the average of the previous 12 months (10.8%). ‘

Food inflation’s contribution to total inflation increased from 44.2% in January 2022 to 49.4% in February 2022.

Overall month-on-month food inflation was 3.2%, which is higher than both the twelve-month national month-on-month rolling average of food inflation (1.3%) and the rate recorded for February 2021 (0.0%).

All the 15 food subclasses recorded positive month-on-month inflation, with water recording the highest (9.0%).

Non-food year-on-year inflation on average went up again in February 2022 compared to January 2022 (from
14.1% to 14.5%).

Only one out of the 12 Non-food Divisions had the 12-month rolling average to be higher than the year-on-year inflation for February 2022 for the divisions.

Regional Inflation

At the regional level, the overall year-on-year inflation ranged from 11.6% in the Western Region to 19.5% in
the Greater Accra Region.

Eastern Region recorded the highest month-on-month inflation (7.3%) while Upper East region recorded a negative month-on-month inflation rate in February 2022 (-0.9%).

Comments

Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards

Nestlé Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, Nestlé Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores Nestlé Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. Nestlé Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co...

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea...

Kofi Ahovi

Search This Blog