Inflation climbs to 9% in July

Recorded inflation rate for July 2021, according to the Ghana Statistical Service (GSS), stood at 9 percentage points.

Compared to the recorded inflation rate of 7.8% for June 2021, inflation rate inched up by 1.2 percentage points in the month of July.

According to the GSS, month-on-month inflation between June 2021 and July 2021 was 1.6%.

The increment in the inflation rate is believed to be on the back of increases in the prices of the basket of goods and services used in measuring the macroeconomic indicator.

“More than three-quarters of the rate of inflation recorded in July 2021was contributed by Food and Non-alcoholic Beverages; Housing, Water, Electricity and Gas and Transport,” averred Government Statistician, Professor Samuel Annim.

Food inflation for the month of July registered an increment of 2.2 percentage points from the 7.3 percentage points recorded in June 2021 to 9.5 percentage points recorded in July 2021.

Non-Food inflation just like Food inflation on average also increased in July (8.6%) compared to June (6.2%).

Inflation for locally produced items for the month of July, the GSS also noted, was 9.4%, whereas inflation for imported items amounted to 7.1%.

“Inflation for locally produced items continues its dominance over inflation for imported items by widening the gap between the two,” stated Professor Annim.

At the regional level, the Upper West region for the month of July recorded the highest inflation, overtaking the Greater Accra region.

“Greater Accra’s persistent record of the highest inflation for sixteen consecutive months has been halted as Northern (13.5%) and Upper West (13.8%) regions record higher overall inflation,” noted Professor Annim.

Greater Accra for the month of July recorded a regional inflation rate of 11.7%.

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