Inflation jumps to 9% in July 2021
Inflation has started to rise again, with the rate for the month of July 2021 increasing by more than one percentage point to 9 percent.
The growth was primarily driven by the increase in food commodities over the time, according to the Ghana Statistical Service.
It is, nevertheless, within the Bank of Ghana’s goal range of 8% +/-2%.
Professor Samuel Kobina Annim, the Government Statistician, noted that, in addition to food commodities, transportation (14.3 percent) and housing (14.1 percent) were also important contributors to the rise in inflation while announcing the new rate. The contribution of transportation, on the other hand, has decreased from 18.1 percent last month to 14.3 percent in July 2021.
In July 2021, the monthly change rate was 1.63 percent.
In July 2021, the Food and Non-alcoholic Beverage category saw a year-on-year inflation rate of 9.5 percent, while the Non-Food group experienced an 8.6 percent year-on-year inflation rate.
Locally produced products had a 9.4% increase in inflation, while imported ones saw a 7.1 percent increase.
Inflation rates were higher in 10 divisions compared to the same period previous year.
Inflation in the region
Meanwhile, the Greater Accra Region’s record of holding the highest inflation rate for more than a year has been broken, with the Northern and Upper West regions recording 13.5 percent and 13.8 percent overall inflation rates, respectively.
With a rate of 3%, the Eastern area had the lowest inflation rate.
Inflation rates in four regions were higher than the national average of 9.0 percent.