Inflation Surges To 9.7% Due To Increase In Food And Transport Prices

Higher cost of certain foodstuffs and housing pushed the rate of inflation for the month of August to 9.7%, data from the Ghana Statistical Service indicates.

However, it still remained in the single digit bracket despite the consistent upward trend in the prices of some foodstuffs and housing.

The month-on-month inflation between July 2021 and August 2021 stood at 0.3%.

Whiles, food inflation was 10.9% in August 2021, as against 9.5% last month that of non-food inflation stood at 8.7%, compared to 8.6% in July 2021.

Housing, Water, Electricity, Gas (15.2%) and Transport (12.8) registered inflation rates above the national average.

Cocoa drinks (15.7%), Cereals and cereal products (15.5%), Milk, other dairy products and eggs (13.1%), Vegetables, tubers, plantains, cooking bananas (11.6%), Tea, maté and other plant products for infusion  (11.5%) and Ready-made food and other food products n.e.c. (11.2%) registered inflation rates higher than the food inflation rate.

For imported inflation, the rate of inflation was 4.8%, whereas inflation rate of local goods was estimated at 12.6%.

Regional inflation

Meantime, Northern region (14.6) maintained its position as the region with the highest rate of inflation. It is followed by the Greater Accra region (12.8%0

Eastern region (3%) however remains the region with the lowest rate of inflation.

Source: Ebenezer Sabutey