Inflation inches up to 9% in July

BY: Elizabeth Nyaadu Adu

Inflation for July inched up to nine (9) per cent, up from the 7.8 per cent recorded in June.

This was largely driven by the food sub-sector which contributed 47 per cent to overall inflation.

This was followed by the transport sub-sector which also contributed 14.3 per cent.

The Government Statistician, Professor Samuel Annim, who announced the figures at a press conference in Accra on Wednesday said “more than three-quarters of the rate of inflation recorded in July 2021 was contributed by food and non-alcoholic beverages; housing, water, electricity and gas and Transport.”

The inflation which is determined by the Consumer Price Index (CPI) measures changes overtime in the general price level of goods and services that households acquire for the purpose of consumption.

Food and Non-food inflation

Food and Non-alcoholic beverages recorded a year-on-year inflation rate of 9.5 per cent for July 2021 while the Non-food group recorded a year-on-year inflation rate of 8.6 per cent in July 2021.

Inflation for locally produced items continues its dominance over inflation for imported items by widening the gap between the two.

While inflation for locally produced items was 9.4 per cent and that for imported items was 7.1 per cent.

Regional level

At the regional level, four regions recorded inflation rates above the national average of 9.0 per cent.

The overall year-on-year inflation ranged from 13.5 per cent in the Northern Region to 13.8 per cent in the Upper West Region.

As a result, Greater Accra’s persistent record of highest for 16 consecutive months has been halted.