GSS To Focus On 307 Items In The New Basket To Measure Monthly Inflation Rate
Statistical Service has said it is focusing on 307 items in the new basket
which are used to calculate the Consumer Price Index compared with the 267 in
the old basket.
In addition, it has increased the number of markets where prices are gathered to 44 as against the initial 42 markets.
Speaking at a press conference, the Government Statistician, Professor Samuel Annim said the new series has taken into account changes in consumption pattern over time, adding that one major change in the new series is the adoption of COICOP 2018 which sets standards for reclassification of items in the basket.
Meanwhile, the year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 7.8 Per cent in August 2019, with an index of 108.7.
Alcoholic beverages, tobacco and narcotic (12.9) per cent was the key driver of August’s inflation.
Alcohol beverages, tobacco and narcotic (12.9%) were the key driver of August inflation.
The Food and non-alcoholic beverages group recorded a year-on-year inflation rate of 8.2 percent. Fruits and nuts (25.2%), Cereals and cereal products (10.6%), sugar, confectionery and deserts (9.0%), and Ready-made food and other food products n.e.c (8.3%) were the major drivers of the food inflation.
The Non-food group recorded a year-on-year inflation rate of 7.4 percent in August 2019.
Alcoholic Beverages, Tobacco and Narcotics (12.9%), Transport (10.2%) and Housing, water, electricity, gas and other fuels (9.9%) were the key drivers of the non-food inflation in August.
Source: Kofi Atakora/Joydaddymultimedia.com