Ghana says Jan inflation rises to 9.08 per cent

Reuters, Wednesday 9 Feb 2011

Surge in petrol prices fuels rising inflation

Annualised inflation in Ghana rose to 9.08 percent in January from 8.58 percent in December, the first increase in 19 months, the national statistics office said on Wednesday.

Deputy government statistician Philomena Nyarko told a news conference non-food items, including fuel, saw inflation of 11.83 per cent, while food items rose just 4.84 percent.

The increase in the headline rate was not a surprise after the government last month raised the price of petrol and diesel by 30 per cent to offset a surge in crude oil prices on the world market and to pay off the state-owned refinery debt.

"The inflation rate has been on the decline for the past 18 months, but the decline could not be sustained in January 2011," Nyarko said.

The data come a week before the Bank of Ghana Monetary Policy Committee reviews the prime policy rate, currently at 13.5 per cent.

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