inflation

The rate of increase in the prices of consumer goods in Ghana slowed slightly to record an annual inflation rate of 11.2 percent in June, compared with the 11.3 percent recorded for May, the Ghana Statistical Service (GSS) has said.

The Government Statistician Samuel Kobina Annim said on Wednesday that the inflation rate for the food and non-alcoholic beverage group declined by 1.3 percentage points to 13.8 percent in June, relative to the 15.1 percent inflation for May.

The non-food group recorded a 0.8 percentage points increase in prices to record an inflation rate of 9.2 percent, compared with the 8.4 percent in the previous month.

“Looking at the inflation rates from April to June, it is clear that the increase in the prices of some particular commodities and services as a result of COVID-19 has contributed to the rise in inflation,” Annim, a Professor of Statistics said.

He, however, predicted that as the economy begins to open and more business activities pick up, there would be tipping off with a return to lower rates of inflation, “but the question is when?”

The government had provided 100 percent subsidies for life-line consumers of water and electricity, and 50 percent for all other consumers from April to June to cushion them during the early days of the restrictions introduced to combat COVID-19 in the country.

The West African country’s economic growth decelerated to 4.9 percent in the first quarter, compared with the 6.7 percent recorded a year earlier, according to the GSS. Enditem

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