Inflation rate rises slightly in July at 11.4 per cent

The year-on-year inflation rose slightly in July to 11.4 per cent compared with 11.2 per cent 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 per cent seem to indicate that prices are increasing at pre-COVID-19 levels again.

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

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

“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 13 Divisions had higher than average inflation rates; Housing, Water, Electricity and Gas (20.3 per-cent) and food and Non- Alcoholic Beverage 13.17 per cent.

On Regional basis, the overall year-on-year inflation ranged from 4.2 per cent in the Volta Region to 16.2 per cent 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 per cent 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. GNA

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