Prof. Samuel Annim, Govt Statistician
THE YEAR-on-year inflation rate as measured by the consumer price index (CPI) was 9.0 per cent in July 2021.
This rate of inflation for July 2021 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from July 2020 to July 2021.
The monthly change rate for July 2021 is 1.63 per cent.
The food and non-alcoholic beverages recorded a year-on-year inflation rate of 9.5 % for July 2021 while the non-food group recorded a year-on-year inflation rate of 8.6 per cent in July 2021.
At the regional level, the year-on-year inflation rate ranged from 3.0 per cent in the Eastern Region to 13.8 per cent in the Upper West Region. Four regions recorded inflation rates above the national average of 9.0%. Greater Accra’s persistent record of highest inflation for sixteen consecutive months has been halted as Northern (13.5%) and Upper West (13.8%) regions record higher overall inflation.
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. Food contributed 47.0% to overall inflation. Transport contribution slowed (decreasing from 18.1% last month to 14.3%).
Inflation for locally produced items continued its dominance over inflation for imported items by widening the gap between the two.
Inflation for locally produced items was 9.4% while inflation for imported items was 7.1%.
In compiling this report, the Ghana Statistical Service said it collected prices for approximately 39,500 products every month. The price collection is done in 44 markets comprising 7,726 outlets. Also, the products are ordered in a hierarchy of 13 divisions, 44 groups, 98 classes, 156 subclasses and 307 items.
(Use pix of Prof. Samuel Annim,
Govt Statistician)