March 2010 rate of inflation
The March 2010 inflation rate is 13.32%. The rate is 0.91 percentage points lower than that of February 2010 (14.23 %). The rate of inflation is the percentage change in the Consumer Price Index (CPI) over the twelve-month period from March 2009 (289.76) to March 2010 (328.35). The monthly change is the percentage change in the CPI over one month (Table 1).
The Consumer Price Index
The Consumer Price Index (CPI) is the average price level measured relative to a reference period, usually called a base year. The base year for Ghana‚Äôs CPI is 2002, which is equated to 100. The March 2010 CPI was 3.69 percentage points above that of February 2010.
The rate of inflation has been falling since July 2009, with declines more than 1 percentage points occurring in September 2009, November 2009, and January 2010. Significant drops
(close to 1 percent) were also recorded in August 2009, December 2009, and March 2010.
The non-food inflation rate has been relatively high and more stable than the food inflation rate and relatively mimics the year-on-year inflation. The food inflation is decreasing slower than the non food inflation (Figure 1).
Non-food rate of inflation
Inflation in the non-food group (which has a weight of 55.09 percent) has had a major influence on overall rate of inflation. In March 2010 there was an appreciable inflation rate in Recreation and culture (41.03%), Furnishing, household equipments etc (22.25%), Hotel and restaurants (20.43) and clothing and footwear (19.78).
Food rate of inflation
In the food group (which has a weight of 44.91 percent) sub groups with the highest inflation rates are Sugar, jam, honey, syrups, chocolate and confectionary (33.77%), food products n.e.c (24.37%), mineral waters, soft drinks and juices (22.95%) and meat (17.7%). Fish subgroup recorded the lowest inflation rate of o.03% (figure 3).
The detailed information on the series is contained in the CPI User‚Äôs guide at GSS. The target publication date of the monthly newsletter is 15th of the month. It is released on the second Wednesday of each month, and on the third, when the 15th of the month falls on Wednesday. The next release date is 12th May 2010.