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Thu, Feb 19th, 2009
January Inflation Records 19.86%

The Ghana Statistical service (GSS) announced on Monday that, the January inflation figure surged to a high of 19.86 percent up by 1.73 percentage points from December figure of 18.13 percent.

Mr. Magnus Ebow Duncan, Director of Economic Statistics at GSS attributed the surge to high cost of non-food component comprising of 55.09 percent of the food basket, which continues to remain the largest contributor to the nation’s inflation rate – contributing 11.11 percentage points to the rate of inflation, compared to the food group. The rate of inflation was higher in the rural areas than in the urban areas.

The rate of inflation recorded in January, 2008 was 12.81 percent. A gradual decline in the rate was recorded between June and October last year, at 17.30 percent before the onset of rate increase in November to 17.44 percent and December figures of 18.13 percent.

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