Newsletter
Consumer Price Index (CPI)
March 2017
New series
Ghana Statistical Service
Statistical Newsletter,
B12-2003
Republic
ofNo.Ghana
Ghana Statistical
Service (GSS)
P.O. Box GP 1098, Accra
Tel: +233-302-682677, +233-302-664382
Fax No. +233-302-664304
April 12, 2017
Inflation Rate for March 2017 was 12.8%
The Consumer Price Index
The Consumer Price Index (CPI) measures the change over
time in the general price level of goods and services that
households acquire for the purpose of consumption, with
reference to the price level in 2012, the base year, which
has an index of 100.
March 2017 rate of inflation
The year-on-year inflation rate as measured by the CPI
stood at 12.8 percent in March 2017, down by 0.4
Table 1: Consumer Price Index (CPI), March 2016 to March 2017
Change rate (%)
Year / Month Index 2012 = 100
Mar-16
172.0
Apr-16
174.4
May-16
176.4
Jun-16
178.8
Jul-16
180.3
Aug-16
179.2
Sep-16
179.5
Oct-16
182.0
Nov-16
183.5
Dec-16
185.3
Jan-17
190.4
Feb-17
191.6
Mar-17
194.0
Monthly (m/m)
1.7
1.4
1.1
1.3
0.9
-0.6
0.2
1.4
0.8
0.9
2.8
0.6
1.3
Yearly (y/y)
19.2
18.7
18.9
18.4
16.7
16.9
17.2
15.8
15.5
15.4
13.3
13.2
12.8
percentage point from the 13.2 percent recorded in
February 2017 (Table 1). This rate of inflation for March
2017 is the percentage change in the Consumer Price Index
(CPI) over the twelve-month period, from March 2016 to
March 2017.
Figure 1: Food Inflation rate (%) by major subgroups, March 2017
Year-on-year inflation rate (%)
Fish and sea food
14.7
Meat and meat products
10.9
7.2
Coffee, tea and cocoa
The monthly change rate for March 2017 was 1.3 percent
compared to the 0.6 percent recorded for February 2017.
Food and non-food inflation
The Food and non-alcoholic beverages group recorded
Sugar, jam, honey, chocolate and…
Mineral water, soft drinks, fruit and…
7.2
6.7
Oils and fats
6.3
Cereals and cereal products
6.0
Milk, cheese and eggs
5.0
Fruits
4.8
a year-on-year inflation rate of 7.3 percent. This is 0.2
Food products n.e.c.
4.2
percentage point higher than the rate recorded in February
Vegetables
2.1
2017. Two subgroups of the food and non-alcoholic
beverages group recorded inflation rates higher than the
group’s average rate of 7.3 percent (Figure 1).
%
Average food inflation =7.3%
The non-food group recorded a year-on-year inflation rate
Figure 2: Year-on-year Non-Food Inflation (%) by major
of 15.6 percent in March 2017, compared to the 16.4
subgroups, March 2017
percent recorded for February 2017. Six subgroups recorded
Year-on-year inflation rate (%)
year-on-year inflation rates higher than the group’s average
23.7
Recreation and Culture
rate of 15.6 percent (Figure 2). Recreation and culture
23.5
Furnishings, Household Equipment…
recorded the highest inflation rate of 23.7 percent, followed
Clothing and Footwear
18.2
by Furnishings, household equipment and routine
Education
17.3
maintenance with 23.5 percent, Clothing and footwear
Miscellaneous Goods and Services
16.7
percent,
Health
15.8
Miscellaneous goods and services with 16.7 percent
Transport
15.3
and Health with 15.8 percent. Inflation was lowest in the
Hotels, Cafes and Restuarants
14.2
Housing, water, electricity, gas and other fuels
Alcoholic Beverages, Tobacco and…
13.9
with
18.2
percent,
Education
with
17.3
11.3
Communicatons
subgroup (7.9%).
Housing, Water, Electricity, Gas and …
7.9
%
Average non-food inflation =15.6%
Regional differentials
At the regional level, the year-on-year inflation rate
ranged from 10.7 percent in the Volta region to 13.7
percent in the Greater Accra and Upper West regions.
Four regions (Greater Accra, Upper West, Brong Ahafo,
and Ashanti) recorded inflation rates above the national
Figure 3: Year-on-year Inflation rate (%) by region, March 2017
Figure 3: Year-on-year inflation rate (%), March 2017
%
25
20
average and Northern region recorded the same inflation
15
rate as the national average of 12.8 percent (Figure 3).
10
10.7
13.4 13.7 13.7 12.8
12.2 12.3 12.6 12.7 12.8 13.0
5
Dissemination
publication date of the monthly CPI newsletter is the 15th
of each month. It is released on the second Wednesday
NATIONAL
Ashanti
Western
Eastern
Upper West
target
Greater Accra
The
Brong Ahafo
www.statsghana.gov.gh.
Northern
website
Upper East
in time series format have been posted on the GSS
Central
A bulletin on the March 2017 CPI and more detailed data
Volta
0
Ghana Statistical Service (GSS)
of every month, or on the third, when the 15th of the
month falls on Wednesday. The next release date is 10th
May 2017.
2