Soaring prices push Ghana’s inflation into double digit

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Food Prices

Soaring commodity prices ended Ghana’s five-month run of single-digit inflation as Consumer Price Index (CPI) increased 0.9 percentage points to 10.6 percent in September, from 9.7 percent in August, according to the latest data from the Ghana Statistical Service (GSS) Wednesday.

The September rate was the highest recorded post-COVID-19. Ghana’s inflation had declined to 7.5 percent in May, being the lowest rate since the rebasing of the inflation basket in 2019 before the country started experiencing a surge in the inflation rate in July due to high commodity prices.

“The housing, water, electricity, gas, and other fuels group was the leading division driving inflation, recording 18.7 percent year on year in September,” said Samuel Kobina Annim, the Government Statistician.

Food inflation increased to 11.5 percent during the month under review from 10.9 percent in August. Non-food inflation also increased from 8.7 percent in August to 9.9 percent in September.

“The three key factors contributing to the rise in inflation for September were the demand-pull, cost-push, and expectations,” added Annim.

He said the widening difference between the prices of locally produced items and imported ones could be due to the demand-pull and expectations.

Annim added that for the first time in four months the dominance of food inflation in the annual inflation build-up has been overtaken by non-food.

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