Prime News Ghana

Inflation for February remains unchanged at 7.8%

By Justice Kofi Bimpeh
Inflation rate
Inflation rate

The inflation rate for all goods and services has remained unchanged at 7.8% for February 2020.

The Ghana Statistical Service cited food items such as vegetables, fruits, nuts and cocoa drinks as contributory factors to the food inflation of 7.9%.

Meanwhile, non-food items such as transport services and narcotics also recorded an increase in prices for the period under review.

Deputy Government Statistician, David Kombat said the inflation rate shows a stable situation which is within the government's target of 8% plus or minus 2.

READ ALSO: Food and non-alcoholic beverages responsible for January's 7.8% inflation rate - Statistical Service

"Now we look at the disaggregation of the year on year inflation and then you can see that alcoholic beverages, tobacco and narcotics top the list with a rate of 11.6%, followed by transport with the rate of 9.9%, recreation, sports and culture comes third with a rate of 9 %. Clothing and footwear rate of 8.5%, food and non-alcoholic beverages with a rate of 7.9 percent. These group's inflation rates are higher than the average for the month which 7.8%.

Now the last year on inflation rate can be seen in the area of insurance and financial services with a rate of 0.4%  

For the regions, Greater Accra recorded the highest inflation rate of 9.7% whiles the region with the least inflation rate of 5% was the Upper West region.