Inflation Records 10.5% For August

Samuel Kobina Annim

THE YEAR-on-year inflation rate as measured by the consumer price index (CPI) was 10.5 per cent in August 2020, 0.9 percentage points lower than July 2020.

The monthly change rate for August 2020 was -0.4 per cent.

Government Statistician Prof. Samuel Annim, who disclosed this, said the Food and Non-Alcoholic Beverages inflation rate recorded a year-on-year inflation rate of 11.4 per cent for August, 2.3% lower than 13.7% recorded for July 2020.

He said two subgroups recorded inflation rates higher than the group’s average rate of 13.7 per cent. These included Vegetables (21.3%), Fish and Other Seafood (14.3%).

Thus Food was the predominant driver of year on-year inflation in August.

The Non-Food group recorded a year-on-year inflation rate of 9.9 per cent in August 2020. The Non-Food inflation for August 2020 was 0.2 percentage point higher than the 9.7 per cent recorded for July 2020.

At the regional level, the government statistician said the year-on-year inflation rate ranged from 4.7 per cent in the Volta Region to 13.5 per cent in the Greater Accra Region.

Ashanti (11.2%) and Western Region (11.6%) and Eastern (11.9%) recorded inflation rates above the national average of 10.5% while Volta Region had the lowest year-on-year inflation rate.