End-year inflation target missed ….as Dec. rate surges to 13.5 percent

By Ekow Essabra-Mensah

Government’s end-of-year inflation target has been missed as headline inflation for December 2013 surged to 13.5 percent, against a target of 11 percent.

The December inflation rate which is the highest since March 2010, represents 0.3 percentage points compared to the November rate of 13.2 percent.

The jump was mainly attributed to the price changes of housing, water, electricity, gas and other fuels as well as clothing and footwear during the last quarter of 2013, which kept non-food inflation – that constitutes 55.09 percent of the consumer price index (CPI) basket to rise.

“We’ve seen some price changes in the food component and increase in the non-food, especially changes in petroleum prices and utility prices,” acting Government Statistician Dr. Philomena Nyarko told journalists at news conference in Accra.

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