Newsletter

Consumer Price Index (CPI) January 2011

Ghana Statistical Service Statistical Newsletter, No. B12-2003

Ghana Statistical Service (GSS)

P.O. Box GP 1098, Accra

Tel: +233-21-682677, +233-21- 664382

Fax No. +233-21-664304

February 9, 2011

The rate of Inflation rose to 9.08%

January 2011 rate of inflation
The January 2011 inflation rate urged up to 9.08%, 0.5 percentage points higher than that of December (8.58%). Month 2010, December 2011, January Table 1: CPI December 2010, January 2011 Index
2002 = 100 341.83 348.87

Change rate monthly

1.13% 2.06%

yearly
8.58% 9.08%

The rate of inflation is the percentage change in the Consumer Price Index (CPI) over the twelve-month period from January 2010 (319.83) to January 2011 (348.87). The monthly change is the percentage change in the CPI over one month (Table 1).

Figure1: Consumer Price Index from January 2010 to January 2011

400

The Consumer Price Index

350

Consumer Price Index (2002=100)

348.9

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 Ghanas CPI is 2002, which is equated
Nov-10 Jan-10 Jun-10 Feb-10 Mar-10 May-10 Aug-10 Sep-10 Dec-10 Jan-11
9.1

319.8
300

Apr-10

Jul-10

above that of January 2010 (Figure 1).

Ghana Statistical Service (GSS)

Inflation trend
The rate of inflation fell continuously over an eighteen month period from 20.74% in June 2009 to 8.58% in December 2010, with declines of more than 1 percentage points occurring in four months (September 2009, November 2009, January 2010 and April 2010) (Figure 2). There was a change in the trend as the rate inched up by 0.5 percentage points in January 2011 (9.08%).

Figure2: Year-on-year Inflation rates from January 2010 to January 2011

20 18 16 14 12 10 8 6 4 2 0
14.8

Yearly change rates (%)

14.2 13.3 11.7 10.7 9.5 9.5 9.4 9.4 9.4 9.1 8.6

May-10

Feb-10

Mar-10

Jul-10

Oct-10

to 100. The January 2011 CPI was 348.87, i.e. 29.1 points

250

Nov-10

Dec-10

Apr-10

Sep-10

Aug-10

Jan-10

Jun-10

Oct-10

Ghana Statistical Service (GSS)

Jan-11

Main contributions to the yearon-year inflation

The upward trend in inflation can be attributed to both the food and non-alcoholic beverages group and the non-food group.

Figure 3: January 2011 Food Inflation

Mineral waters, soft drinks and juices Sugar, jam, honey, sirups, chocolate and confectionary Fruit Meat

The food and non-alcoholic beverages group has been recording single digit inflation rate since January 2010. The non-food inflation rate, on the other hand, though declining has

Milk, cheese and eggs Coffee, tea and cocoa Oil and fats

been recording double digit inflation rates (Annex 2).

Fish Food products n.e.c. Vegetables incl potatoes and other Bread and cereals
-15 5

In the food group (which has a weight of 44.91%) sub groups with the highest inflation rates are Mineral waters, soft drinks and juices (24.06%), Sugar, jam, honey, syrups, chocolate and confectionary (18.57%), and Fruit (12.87%); the average

%
25

January food inflation rate is 4.84%, (Figure 3).

Average FOOD Group (4.8%)

The non-food group with a weight of 55.09% has major influence on overall rate of inflation. In January 2011 there was an appreciable inflation rate in Transport (19.42%), Alcoholic beverages, tobacco and narcotics (19.25%) and Housing, water, electricity, gas and other (14.79%); the average January non-food inflation rate is 11.82%, (Figure 4).

Figure 4: January 2011 Non-Food Inflation

Transport Alcoholic beverages, tobacco and narcotics Housing, water, electricity, gas and other Clothing and footwear Miscellaneous goods and services

Regional differentials
Inflation rates in the regions range from 5.83% (Volta region) to 12.50% (Greater Accra region). The Upper East and West and Greater Accra regions recorded inflation rates above the

Hotels, cafs and restaurants Furnishings, household equipment etc Health Recreation and culture Education Communications

national rate of 9.08% (Annex 5).

-15 -5 5 15 25 % Average NON-FOOD Group (11.8%)

Dissemination
The detailed information on the series is contained in the CPI Users 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 9th March 2011.

Annex 1 Consumer Price Index (CPI), January 2010 - January 2011

Year / Month 2007 average 2008 average 2009 average 2010 average Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11

Index 2002 = 100 218.73 254.87 303.93 336.48 319.83 324.66 328.35 332.99 339.21 344.52 347.35 344.87 339.66 336.43 338.01 341.83 348.87

Change rate (%) Monthly 1.01 1.41 1.25 0.69 1.59 1.51 1.14 1.41 1.87 1.57 0.82 -0.71 -1.51 -0.95 0.47 1.13 2.06 Yearly 10.73 16.46 19.29 10.79 14.78 14.23 13.32 11.66 10.68 9.52 9.46 9.44 9.38 9.38 9.08 8.58 9.08
Source: Ghana Statistical Service (GSS)

400

Consumer Price Index (2002=100)

350

348.87

319.83
300

250 Feb-10 Mar-10 Jun-10 Jul-10 Aug-10 Sep-10 Nov-10 May-10 Dec-10 Jan-10 Apr-10 Oct-10 Jan-11 9.08 2.06 Jan-11

Ghana Statistical Service (GSS)

16 14 12 10 8 6 4 2 0 Jan-10 Jun-10 Feb-10 Mar-10 Apr-10 May-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 -2 -4 Dec-10

Monthly and yearly change rates (%)

Year-on-year inflation

Month-on-month inflation

Ghana Statistical Service (GSS)

Annex 2 Food and non-food inflation, January 2010 to January 2011

Year-on-year inflation (%)

Year / Month 2007 average 2008 average 2009 average 2010 average
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11

Combined Food and non-food

Food and non alcoholic beverages

Non-food

10.73 16.46 19.29 10.79 14.78 14.23 13.32 11.66 10.68 9.52 9.46 9.44 9.38 9.38 9.08 8.58 9.08

9.46 15.10 15.78 6.13 9.08 8.17 7.35 5.81 4.69 6.13 5.84 5.33 5.67 5.62 5.32 4.50 4.84

11.68 17.47 21.83 14.01 18.79 18.54 17.55 15.82 14.98 11.89 11.96 12.25 11.84 11.82 11.50 11.22 11.82

Source: Ghana Statistical Service (GSS)

% 20 18 16 14 12 10 8 6 4 2 0 Jan-10 Feb-10 Mar-10

Combined, Food and non-food inflation

11.82

Combined Food and non-food Food and non alcoholic beverages Non-food
Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10

4.84

Ghana Statistical Service (GSS)

Jan-11

Annex 3 Inflation by COICOP major groups, January 2011

item (COICOP classification) Combined (Food and non-food) Communications Education Food and non-alcoholic beverages Recreation and culture Health Furnishings, household equipment etc Hotels, cafs and restaurants Miscellaneous goods and services Clothing and footwear Housing, water, electricity, gas and other Alcoholic beverages, tobacco and narcotics Transport Index
2002 = 100

Change rate (%) Monthly 2.06 0.00 -0.03 1.63 0.00 0.05 -0.05 0.52 0.88 0.17 0.03 0.07 16.55 Yearly 9.08 0.00 0.89 4.84 6.83 9.23 9.88 10.33 10.87 11.16 14.79 19.25 19.42

348.87 272.95 282.42 293.02 533.50 571.51 305.46 537.71 291.88 274.25 451.99 354.69 582.45

Source: Ghana Statistical Service (GSS)

Year-on-year inflation by major groups

January 2011
Transport Alcoholic beverages, tobacco and narcotics Housing, water, electricity, gas and other Clothing and footwear Miscellaneous goods and services Hotels, cafs and restaurants Furnishings, household equipment etc Health Recreation and culture Food and non-alcoholic beverages Education Communications 0.89 0.00 4.84 6.83 11.16 10.87 10.33 9.88 9.23 14.79 19.42 19.25

% 0 5 10 15 20 25

Ghana Statistical Service (GSS)

Annex 4 Contribution of major groups and subgroups to January 2011 inflation

Weight Year-on-year Contribution to inflation (%) inflation (%) 9.08 4.84 24.06 18.57 12.87 11.47 8.27 5.99 5.91 5.12 4.38 3.86 -3.18 11.82 19.42 19.25 14.79 11.16 10.87 10.33 9.88 9.23 6.83 0.89 0.00 100.00 26.21 2.58 2.47 3.10 5.29 1.59 0.47 1.67 5.94 0.53 5.45 -2.87 73.79 13.68 4.87 11.72 14.29 3.69 9.70 8.78 4.53 2.36 0.16 0.00

Combined (Food and non-food) Food and non-alcoholic beverages Mineral waters, soft drinks and juices Sugar, jam, honey, sirups, chocolate and confectionary Fruit Meat Milk, cheese and eggs Coffee, tea and cocoa Oil and fats Fish Food products n.e.c. Vegetables incl potatoes and other Bread and cereals Non-food Transport Alcoholic beverages, tobacco and narcotics Housing, water, electricity, gas and other Clothing and footwear Miscellaneous goods and services Hotels, cafs and restaurants Furnishings, household equipment etc Health Recreation and culture Education Communications

100.00 44.91 0.95 1.17 2.12 4.07 1.69 0.69 2.48 10.24 1.06 12.46 7.97 55.09 6.21 2.23 6.98 11.29 2.99 8.28 7.83 4.33 3.04 1.60 0.31

Source: Ghana Statistical Service (GSS)

Annex 5 Consumer Price Index (CPI) by Regions, January 2011

Region Index 2002 = 100 NATIONAL Volta Brong Ahafo Central Eastern Western Ashanti Northern Upper east & west Greater Accra 348.87 372.45 303.85 354.92 351.23 361.99 327.22 332.98 360.93 367.36 Change rate (%) Monthly 2.06 0.35 0.63 1.61 2.77 2.50 2.23 0.96 0.77 3.04 Yearly 9.08 5.83 7.09 7.46 7.48 8.55 8.89 8.99 10.46 12.50

Source: Ghana Statistical Service (GSS)

10.46%

8.99%

7.09%

5.83%

8.89 % 7.48%

8.55% 7.46% 12.50%

Ghana Statistical Service (GSS)

Annex 6 Regional CPI, January 2011

Region Combined Food and non-food Food and non alcoholic Beverages Non-food

Index (2002=100) Western Region Central Region G. Accra Region Eastern Region Volta Region Ashanti Region Brong Ahafo Region Northern Region Upper East & West Region NATIONAL 361.99 354.92 367.36 351.23 372.45 327.22 303.85 332.98 360.93 348.87 Month-on-month inflation Western Region Central Region G. Accra Region Eastern Region Volta Region Ashanti Region Brong Ahafo Region Northern Region Upper East & West Region NATIONAL 2.50 1.61 3.04 2.77 0.35 2.23 0.63 0.96 0.77 2.06 Year-on-year inflation Western Region Central Region G. Accra Region Eastern Region Volta Region Ashanti Region Brong Ahafo Region Northern Region Upper East & West Region NATIONAL 8.55 7.46 12.50 7.48 5.83 8.89 7.09 8.99 10.46 9.08 6.53 3.12 10.79 0.93 2.93 3.75 -0.36 0.57 7.07 4.84 9.95 9.97 13.47 12.73 9.21 11.74 12.06 14.36 12.88 11.82 2.70 3.12 0.36 2.47 -0.03 2.78 1.09 2.53 1.19 1.63 2.37 0.80 4.61 3.00 0.79 1.95 0.36 0.10 0.48 2.32 331.12 253.60 318.28 303.47 414.22 254.09 243.02 257.61 289.90 293.02 386.29 453.04 402.05 395.94 335.23 384.11 356.87 398.42 432.81 394.39

Source: Ghana Statistical Service (GSS)