The year-on-year inflation rate between July 2020 and July 2021 stood at 9.0% with month-on-month inflation for the same period (June 2021 – July 2021) was 1.6%.
According to GSS boss, Professor Samuel Kobina Annim, the year-on-year variation between food (9.5%) and non-food inflation (8.6%) was 0.9% and the month-on-month food inflation exceeds non-food inflation by 0.7 percentage points (2.0% vs. 1.3%).
Prof. Samuel Kobina Annim at a news conference in Accra on Wednesday, 11, said, “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”, but the “inflation for locally produced items continues its dominance over inflation for imported items by widening the gap between the two.”
He said, 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.
On the disaggregation of month-on-month inflation, he stressed the point that, “Ten Divisions recorded a higher rate of inflation relative to the same period last a year and the rolling average August 2020 to July 2021. Transport recorded a lower inflation this month compared”.
CPI measures changes in the price of a fixed basket of goods and services purchased by households, The assumption is that the basket is purchased each month, hence as price changes each month, the total price of the basket will also change.
The rate of inflation is the relative change in CPI between periods.
Inflation is reported year-on-year (annual inflation) and month-on-month (monthly inflation), and granulated to determine regional and commodity type and source of inflation.
Story filed Edzorna Francis Mensah.