Compared to April 2014, housing, water, electricity, gas and other fuels prices rose 25.0 percent, pushing up non-food products cost by 23.2 percent, from 23.1 percent in March. Additional upward pressure came from: food and non-alcoholic beverages (+7.2 percent); clothing and footwear (+23.7 percent), transport prices (+24.5 percent), furnishings and household equipment (+23.2 percent), education (+23.0 percent) and health (+18.4 percent).
On a monthly basis, the consumer price index increased by 1.8 percent, up from a 1.0 percent rise in the previous month.
Bank of Ghana raised its monetary policy rate from 21 percent to 22 percent on May 13th, as the cedi headed for a record low, boosting the underlying inflation pressure. Policy makers are expecting a moderate growth in the medium-term as fiscal consolidation is being implemented. The resulting domestic demand contraction will contribute to mitigate the rising consumer prices.