Ghana inflation rate rises slightly in July at 11.4%

The year-on-year inflation rose slightly in July to 11.4 percent compared with 11.2 percent in June, 2020.

Professor Samuel Kobina Annim, the Government Statistician, said at a briefing that after large price increased in March to June, the month-on-month inflation rate of 0.5 percent seem to indicate that prices are increasing at pre-COVID-19 levels again.

Food inflation stood at 13.7 percent and non-food inflation was 9.7 percent.

Difference between locally produced items 14.1 percent and imported items 5.1 percent was 9.0 percent.

“Vegetables records noticeable month-on-month variation and drives year-on-year food inflation,” he said.

With the exception of fuels, most product categories saw month-on-month inflation rates comparable to the period October 2019 to March 2020, Prof. Annim said.

He said only two of the thirteen Divisions had higher than average inflation rates; Housing, Water, Electricity and Gas (20.3 per-cent) and food and Non- Alcoholic Beverage 13.17 percent.

On Regional basis, the overall year-on-year inflation ranged from 4.2 percent in the Volta Region to 16.2 percent in Greater Accra.

In all, but Greater Accra, Northern Region, and Volta Region, food inflation was higher than the non-food inflation, especially in Western Region at 19.8 percent food inflation compared to 7.2 percent non-food inflation.

“We see large differences between the Food and Non-Food inflation, these patterns are similar to those observed last month,” he said.

He said the month-on-month inflation was between 0.5 per-cent in the Western Region and 1.6 per-cent in the Upper West Region, with the exception of the Transport Division, other divisions saw a lower month-on-month inflation between June and July, 2020 than on average between April and June 2020.

He said the rates indicated that prices were increasing at pre-COVID-19 levels with the exception of fuels, most product categories saw month-on-month inflation rates compared to the period October 2019 to March 2020.

Source: GNA

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