The Ghana Statistical Service (GSS) will announce a new inflation rate tomorrow. The new figure will reflect the current consumption trands in Ghana.
It is unclear which direction the rate will be heading but it has been predicted that whether up or down, the change will be marginal from the last rate of 10 % as of June.
Meanwhile, the GSS has completed the rebasing of the consumer price index (CPI), the average change in prices of goods and services, which is measured by inflation.
The new CPI takes its base year from 2017, up from the old one, and used 2012 as the base year, and is expected to ensure that the basket of products and services used in calculating inflation reflects current consumption trends.
New figures of the CPI are expected to be released on August 15, when considerations from stakeholder suggestions are made.
The rationale behind the rebasing is to periodically change the price items that are based on a fixed basket of goods and services to reflect the current consumption patterns.
Mr Asuo Afram, the Director of Economic Statistics, said, “We know that expenditure patterns have changed, so anytime expenditure patterns or consumer patterns change, there is need to increase the CPI to reflect the actual consumption goods and services”.
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