Consumer inflation for October, 2013 has hit a record high of 13.1 %. This is the highest since March 2010 when a rate of 13.32% was recorded. The Monthly inflation Increased by 2.3% from -0.7percent recorded in September, 2013.
The main driver of the inflation was the recent increase in tariffs which culminated to the Housing, Water, electricity and Gas group shooting up the roof at a rate of 33.4% inflation.
Transportation recorded an inflation rate of 26.3%.
The food and non-alcoholic beverages group recorded a decline in inflation as predicted. The group dropped by 2 percentage points from last month’s 8.9% to 6.9% in October.
The main driver for the food inflation was the fish and seafood group which recorded 9.1% inflation.
Speaking to Citi Business News, government Statistician, Dr Philomena Nyarko stated that the possible contributory factors are the removal of subsidies off premix fuel and a decline in volumes of harvest.
She adds that following the drop in electricity tarrifs, it is expected that inflation drops.
Nonfood group recorded an inflation rate of 17.7% in the month of October compared to 14.2% recorded in September.
As economic activities in the Western Region continue to boom, its inflation rate also continues to record the highest in the country. The region recorded a 15.8% inflation while, Greater Accra recorded a 15.3%. Upper East however recorded the lowest rate of inflation of