Inflation rate spikes to 9.7 per cent for August 2021

The Year-on-year inflation rate for August stood at 9.7 per cent compared to 9.0 per cent in July 2021, the Government Statistician, Professor Samuel Kobina Anim said on Wednesday.

The month-on month inflation between July, 2021 and August, 2021 was 0.3 per cent.

Speaking at a press briefing in Accra, Prof Anim said food and non-alcoholic beverages were the dominant drivers for the higher rate of inflation in August 2021.

He said food contributed more than half to overall inflation, when combined with housing more than two-thirds, and further including transport more than four-fifths.

The Government Statistician said the year-on-year variation between food inflation of 10.9 per cent and non-food inflation of 8.7 per cent was 2.2 per cent.

The Month-on-Month food inflation for the month was less than non-food inflation by 0.1 percentage point.

He said inflation for locally produced items continued to dominate imported items but imported items show a marginal higher increase.

Inflation for locally produced items was 10.3 per cent while inflation for imported items was at 8.1 per cent.

However, inflation rates for Northern, Upper East and Upper West regions continue to soar.