inflation

The year-on-year inflation rate was 11.2 percent in June 2020, which is 0.1 percentage points lower than the May record of 11.3 percent.

The monthly change rate for June 2020 was, however, 1.0 percent.

“Even though year-on-year inflation is still higher compared to pre-Covid-19 inflation, month-on-month inflation and month-on-month Food inflation are lower than the previous two months,” Professor Samuel Kobina Annim, the Government statistician announced at a media briefing on Wednesday.

This, he said, indicated that “prices did continue to rise, but not as much as the previous two months”.

Inflation is the increase in the price level of consumer goods and services over a certain time period, resulting in a fall in the purchasing power of a nation’s currency.

The Food and Non-alcoholic beverages inflation rate recorded a year-on-year inflation rate of 13.8 percent for June – 1.3 percent lower than 15.1% recorded for May 2020.

Three subgroups recorded inflation rates higher than the group’s average rate of 13.8 percent.

They are Vegetables 28.8 percent, Fruits and Nuts 17.4 percent and Fish and other Seafood 14.3 percent.

“This translates to Food being the predominant driver of year-on-year inflation,” he said.

Non-food inflation came in at 9.2 percent, which is higher than the 8.4 percent measured in May 2020.

The Division with the highest month-on-month inflation was Housing, Water, Electricity and Gas.

The inflation rate for imported items stood at 4.7 percent while that of locally produced items was 13.9 percent, a difference of 9.2 percent.

At the regional level, the overall year-on-year inflation ranged from 4.3 percent in the Upper West Region and Volta Region to 15 percent in Greater Accra.

In all, but the Greater Accra, Northern Region, and Upper East regions, Food inflation was higher than Non-Food Inflation.

Especially in Western Region 21.3 percent Food inflation compared to 7.4 percent Non-Food inflation and Ashanti 20.6 percent Food inflation and 5.4 percent Non-Food inflation.

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