Inflation rate for September reached 10.6%

On October 14, 2021, 3:10 PM

The inflation rate for September 2021 increased by 0.9 percentage points to 10.6%, which was higher than the 9.7% recorded in August, the Ghana Statistical Service (GSS) has announced.

The 10.6 percentage inflation rate was the highest the country has recorded since the economy started picking up from the ravaging effects of the Covid-19 pandemic.

According to the statistical service, the month-on-month inflation between August and September 2021 was 0.6%, some 0.3 percentage points higher than the figure recorded in August 2021.

The service pointed out that housing, water, electricity, gas and other petroleum products recorded the highest inflation rate of 18.7%.

Regional inflation

Regionally, the overall year-on-year inflation ranged from 2.7% in the Eastern Region to 16.8% in the Upper West Region. The Volta Region recorded the highest month-on-month inflation (3.6%).

Seven regions (Ahafo, Bono, Bono East, Eastern, Greater Accra, Upper East and Upper West) recorded negative month-on-month inflation rates.

Food and non-food inflation

Food inflation for September stood at 11.5%, and was higher than in August (10.9%) and just above the average of the previous 12 months’ figure of 10.4%.

However, food’s contribution to overall inflation dropped from 50.2% last month to 48.6% in September.

Overall month-on-month food inflation was 0.0%, which is lower than the twelve-month national average month-on-month inflation.

Vegetables, coffee and coffee substitutes, and cereal products were the only subclass that recorded negative month-on-month inflation.

All the 12 non-food divisions recorded positive month-on-month inflation of a maximum 2.9%. For the period under review, non-food year-on-year inflation on average went up in September, compared to August, from 8.7% to 9.9%.

Of the 13 divisions, six had higher year-on-year inflation in September 2021 than the rolling average over the past 12 months.

Transport is the division that recorded the biggest difference in this month’s inflation compared to the 12-month rolling average 13.6%, compared to 8.9%.

Housing, water, electricity and gas recorded relatively high inflation of 18.7% this month compared to the rolling average of 20%.

Inflation for imported goods remained unchanged, it stood at 8.1 %, the same figure recorded for August. The inflation for locally produced items was 11.5%, which was an increase from the previous 10.3% recorded in August 2021.

Story By Francis Ntow