New Inflation Basket Encompasses Public toilets

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Public toilet would from next year become part of the list of items that would be used in working out inflation for the country.

?Public toilet will be included because now they are well managed and people charge for its usage as compared to previously when they were virtually free,? Mr. Ebo Duncan, Director of Economics at the Ghana Statistical Service told journalists in Accra last week.

Another item to be included in the inflation basket next year would be mobile phones. ?Mobile phones have become popular and thus the need to include them in the goods and services basket unlike the previous years when mobile phones was not that common in the system,? Mr Duncan stated.

Meanwhile, the rate of inflation for the month of July went up marginally to 9.5 per cent from 9.4 per cent in June figure. This implies that general prices of goods and services went up in July but the rate of increase was higher compared to the same period last year. The monthly rate change was however 0.7 percentage points lower than the June figure of 1.4 percent.

According to the statement, the non-food group recorded the highest year-on-year inflation rate of 12 per cent in July 2012 with seven subgroups recording inflation rates above the group?s average rate. Transport recorded the highest rate of 20.6 percent followed by recreation and culture with 16.7 per cent. Communication group recorded the lowest inflationary rate of one percent. However, Education group recorded the highest month-on-month price change of 5.14 percent as against 1.3 percent in June 2012 followed by recreation and culture with 2.59 per cent.

The statement also indicated that, the food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 5.5 per cent, slightly higher than the 5.4 per cent rate in July 2012. Seven subgroups of the food and non-alcoholic beverages group recorded inflation rates above the group?s average rate. Mineral waters, soft drinks and juices alone recorded an inflation rate of 19.0 per cent followed by cocoa, tea and coffee with inflation rate of 13.5 per cent.

The year-on-year inflation rate at the regional level ranged from 5.3 percent in the Upper East and Upper West regions to 11.6 per cent in the Central region in July 2012. Central, Ashanti and Greater Accra regions recorded inflation rates above national average of 9.5 per cent. Central region recorded the highest inflation of 11.6 per cent, followed by Ashanti region with 10.3 per cent and Greater Accra with 10.2 percent.

Mr. Ebo Duncan, the Director of Economics of the Ghana Statistical Service attributed the rise in the CPI to the current exchange rates situation in the country.

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