Inflation remains unchanged at 7.8% - Latest Statistical Service report shows
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Inflation remains unchanged at 7.8% - Latest Statistical Service report shows

- The Ghana Statistical Service has revealed that inflation for March 2020 was the same as that of February 2020

- It added that even though the rate of 7.8% remained the same, month-on-month inflation between February 2020 and March 2020 was 0.8%

- The year-on-year inflation ranged from 9.2% in the Volta Region to 3.7% in the Upper West Region

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YEN.com.gh has learned that the rate of inflation for March 2020 remained the same as that of the previous month.

The unchanged rate of 7.8% implies that the prices of goods and services remained the same.

Per a report by the Ghana Statistical Service (GSS), month-on-month inflation between February 2020 and March 2020 was however 0.8%.

Inflation remains unchanged at 7.8% - Latest Statistical Service report shows

Professor Samuel Kobina Annim, Head of Ghana Statistical Service Source: ucc.edu.gh
Source: UGC

READ ALSO: Ghanaian farmers and others warn of possible food challenges in future

A report by classfmonline.com shows that alcoholic beverages, tobacco and narcotics (11.4%), transport (9.2%) and recreation (9.0%) were the divisions with the highest rates of inflation.

The food and non-alcoholic beverages, on the other hand, recorded a year-on-year inflation rate of 8.4%.

This is 0.5% points higher than March’s average and the highest food inflation since the rebasing in August 2019.

The report also showed that the price level of food and non-alcoholic beverages were increased by 1.5% between February 2020 and March 2020.

Inflation of imported goods was recorded to be 5.6% and that of local goods was fixed at 8.8% on average.

Information available shows that this is the highest rate of local inflation and the lowest rate of imported goods inflation since the rebasing in August 2019.

For the regions, the year-on-year inflation ranged from 9.2% in the Volta Region to 3.7% in the Upper West Region.

Greater Accra experienced the lowest regional inflation since the rebasing in August 2019.

In other news, the Africa Centre for Energy Policy (ACEP) has raised concerns about the government’s decision to absorb 50% of the electricity bills of residential and commercial users for the next three months.

The Centre is convinced that the decision could be the final nail in the coffin of the debt-stricken sector which is already facing challenges.

ACEP revealed that the decision is likely to cost the government about GHC1 billion each month, bringing the total cost to approximately GHC3 billion.

Per a report by the Business and Financial Times, the Executive Director of ACEP, Benjamin Boakye, argued that the government can barely afford the bill. Boakye, as well as other industry experts, have stated that the intervention could lead to financial chaos in the sector.

READ ALSO: COCOBOD predicts Ghana could lose $1 billion as global price of cocoa falls

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