A STATISTICAL MODEL OF PRICES OF ESSENTIAL COMMODITIES IN GHANA (Published)
The purpose of this study is to report an “index” that can be used as a measure of the standard of living of Ghanaians. To accomplish this objective, secondary data on prices of some selected commodities compiled by the Price Statistics section of the Ghana Statistical Service (G.S.S.) was used to conduct the study. The data covers the period from 2008 to 2013 and it was collected by month and for each Region (nine in all). The data was analyzed using Principal Component Analysis, a multivariate data analysis tool. At the end of the analysis, nine (9) indices were reported, one for each Region. These indices allowed for comparative study of the cost of living for the six years for all the Regions. The cost of living for instance, was highest in Eastern Region and Lowest in Ashanti Region for the period 2008; for 2009, it was highest in Eastern Region and lowest in Central Region; for 2010, it was highest in Volta Region and lowest in the Ashanti Region; for 2011, it was highest in Central Region and lowest in Ashanti Region; for 2012, it was highest in Central Region and lowest in Ashanti Region and lastly, for 2013, it was highest in Central Region and lowest in Ashanti Region
Keywords: Commodities, Highest and Lowest, Index, Price Section of the Ghana Statistical Service, Principal Component Analysis, Region, Standard of Living