Annual inflation surges to 11.4 percent in Ghana

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inflation

Ghana’s consumer inflation rate went up here by 0.2 percentage points to 11.4 percent year-on-year in July, compared with the 11.2 percent year-on-year inflation rate recorded for June, the Ghana Statistical Service (GSS) said here on Wednesday.

While food inflation reduced by 0.1 percentage points to 13. 7 percent during the month under review, the non-food inflation increased 0.5 percentage points to 9.7 percent year-on-year.

The statistical service attributed the rising inflation to the increase in fuel prices and a 15 percent across the board increase in transportation fares in July.

The difference between the inflation rates for locally produced items (14.1 percent) and imported items (5.1 percent) was 9.0 percent, said the GSS.

Meanwhile, the local office of African commodity analysts ESOKO has projected a decline in the prices of food items on the Ghanaian market in August.

The West African country has revised its 2020 economic growth projections downward to 0.9 percent from 6.8, as the spread of COVID-19 continues to dampen growth prospects while causing price increases. Enditem

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