The year-on-year inflation rate, as measured by the CPI, stood at 13.2 percent in February 2017, down by 0.1 percentage point from the 13.3 percent recorded in January 2017.

The monthly change rate for February 2017 was 0.6 percent compared to 2.8 percent recorded for January 2017.

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.

The food and non-alcoholic beverages group recorded a year-on-year inflation rate of 7.1 percent.

This is 0.1 percentage point higher than the rate recorded in January 2017.

Five subgroups of the food and non-alcoholic beverages group recorded inflation rates higher than the group’s average rate of 7.1 percent.

The non-food group recorded a year-on-year inflation rate of 16.4 percent in February 2017 compared to 16.6 percent recorded for January 2017.

Six subgroups recorded year-on-year inflation rates higher than the group’s average rate of 16.4 percent.

Transport recorded the highest inflation rate of 23.3 percent, followed by Recreation and culture with 22.8 percent, Furnishings, household equipment and routine maintenance with 22.5 percent, education with 19.6 percent, clothing and footwear with 17.8 percent and Health with 17.1 percent.

Inflation was lowest in the housing, water, electricity, gas and other fuels subgroup (7.1%).

Regional differentials

At the regional level, the year-on-year inflation rate ranged from 11.4 percent in the Volta Region to 14.1 percent in the Greater Accra Region.

Five regions (Greater Accra, Upper West, Brong Ahafo, Western and Ashanti) recorded inflation rates above the national average of 13.2 percent.