Inflation remains single-digit despite recording a second consecutive rise to 9.0% in July

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Ghana has recorded a second consecutive increase in inflation rate in the last two months of June and July 2021, new data from the Ghana Statistical Service has revealed.

Recent data released by the Statistical Service indicates that Ghana recorded a year-on-year inflation rate of 9.0 percent in July from 7.8 percent in June the same year. On the monthly basis, Ghana’s inflation rate went up by 1.6 percent between June 2021 and July 2021 compared to an increase of 1.3 percent between May 2021 and June 2021.

This means that on the average, prices of goods and services between July 2020 and July 2021, that is the one year period increased by 9.0 percent. However, prices of goods and service between June 2021 and July 2021 increased by 1.6 percent compared to an increase of 1.3 percent in the previous month.

Speaking at the press conference on Wednesday, Government Statistician, Professor Samuel Kobina Annim explained that “year-on-year inflation for the month of July 2021 referencing July 2020 stood at 9.0 percent indicating that prices of goods and services over the one year period, July 2020 and July 2021 have gone up by 9.0 percent. On a month-on-month basis, between July 2021 and June 2021, prices of goods and services have gone by 1.6 percent relative to the 1.3 that was recorded for the month of June 2021.”

He added that “on a year-on-year basis, we record a variation between food and non-food inflation by 0.9 percent with food inflation standing at 9.5 percent and non-food 8.6 percent. On a month-on-month basis we see food inflation exceeding non-food inflation by 0.7 percent.

He further explained that these hikes in the inflation rate for the period under review was caused by an increase in the prices of food and non-alcoholic beverages, housing, water, electricity and gas and transport.

Professor Annim added that the increase in these divisions in the consumer basket contributed about 78 percent of the overall inflation for the period.

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