Ghana rebases consumer inflation index, changes product basket
The Ghana Statistical Service (GSS) has announced that it is rebasing the Consumer Price Index (CPI) used in measuring the country’s inflation.
The changes are to enable the restructuring of the price building index that goes into the computation of the inflation basket from the current 2012 base year to a new base year of 2017, the acting government statistician, Baah Wadie, has said.
He made this known at an event organised to commemorate the Africa Statistics Day.
Mr Wadie said the code book for the basket of 400 proposed items has been compiled for consideration.
He said: “Efforts are also underway Mr Chairman to rebase the Consumer Price Index from the base year of 2012 to a new base year of 2017. The result of the CPI rebase will also enable the rebasing to the price building cost index and service as input into the national account rebase exercise.
“Codebook for the basket of the 400 proposed items have been compiled for all 42 consumer price index market in the 10 regions of the country.”
Meanwhile, inflation for October reduced to 15.8 percent from 17.2 percent.
According to the figures released by the GSS, seven subgroups recorded higher inflation rates than the group’s average of 8.7 percent.
They are included; coffee and cocoa – 15.1%; mineral water, soft drinks, fruits – 15.1%; sugar, jam, honey, chocolate – 13.6%; meat and meat products – 13.3%; food products – 11.7%; fruits – 10.4% and oils & fats – 9.7%.
The inflation on food and non-alcoholic beverages reached 8.7 percent, this rate is 0.3 percent lower than the rate recorded in September.
Inflation for the non-food component for October 2016, reached 19.4 percent, lower than the 21.6 percent recorded in September this year.