Ghana’s inflation in July rises on surging food prices

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Inflation
Inflation

The inflation rate for Ghana increased 1.2 percentage points to 9.0 percent in July, compared with the 7.8 percent recorded in the previous month, said Ghana Statistical Service Wednesday.

Samuel Kobina Annim, the Chief Government Statistician, said the central cause of the surging inflation rate for July was higher food commodity prices.
“Food inflation rose to 9.5 percent in July from the previous month’s 7.3 percent,” said the government statistician.

He added that although the inflation rate for non-food commodities also increased to 8.6 percent in July from 6.2 percent in June, its contribution to overall inflation for the month was low.

“With this rate, food contributed 47 percent to overall inflation in July, the highest since March 2021. But the contribution of transportation slowed to 14.3 percent in July, from 18.1 percent in June,” said Annim.

The inflation rate for locally produced items during the month under review was 9.4 percent, compared with 7.1 percent for imported items.

The meteorological services department projected low rainfalls in most parts of Ghana in 2021, warning that this could lead to lower food harvests as Ghana’s crop cultivation is mostly rainfall-dependent. Enditem

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