Prof Samuel Kobina Anim, Government Statistician
THE GHANA Statistical Service (GSS) yesterday announced that the year-on-year inflation rate for August 2021 was 9.7%.
This means that in the month of August 2021, the general price level was 9.7% higher than in August 2020 while month-on-month inflation between July 2021 and August 2021 was 0.3%.
The year-on-year inflation rate for July 2021 was 9.0%.
According to Prof Samuel Kobina Annim, head of the GSS, August marked the fourth month in a row that inflation has risen in Ghana, with food inflation, the largest contributor to the country’s overall inflation rate, rising for a third straight month.
Housing inflation rose past transportation to become the second-largest contributor to Ghana’s inflation rate. Transportation inflation, now the third-largest contributor, also rose last month.
“Food contributes more than half to overall inflation, and combined with housing more than two-thirds, and further including transport, more than four-fifths.”
For July 2021, more than three-quarters of the rate of inflation recorded was contributed by food and non-alcoholic beverages; housing, water, electricity and gas and transport. Food contributed 47.0% to overall inflation. Transport contribution slowed (decreasing from 18.1% last month to 14.3%).
Also for July, inflation for locally produced items continued its dominance over inflation for imported items by widening the gap between the two.
BY Samuel Boadi