In the statement dated August 11, 2021, the GSS disclosed that more than three-quarters of the rate of inflation recorded in July 2021 was contributed by food, housing, and transport.
Food inflation shot up to 9.5% as against 7.3% in June while non-food inflation 8.6% after it increased to 8.2% in the previous month. The surge was due to the hike in transport fares and rent.
“The year-on-year inflation rate as measured by the Combined Consumer Price Index (CPI) was 9.0 percent in July 2021. This rate of inflation for July 2021 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from July 2020 to July 2021. The monthly change rate for July 2021 is 1.63 percent,” parts of the statement explained.
Also, Greater Accra Region’s persistent record of highest inflation for sixteen consecutive months, according to the report, has been halted as Northern and Upper West Regions recorded higher overall inflation of 13.5% and 13.8% respectively.
Meanwhile, despite an acceleration in figures, inflation remains below reach of the Bank of Ghana's target set for April 2021.
This would however mean the central bank will witness an increase in its chances of easing the monetary policy rate which is currently pegged at 13.5 percent as part of efforts to support economy recovery from the impacts of the coronavirus pandemic.
Below is the full document:
Read Full Story
Facebook
Twitter
Pinterest
Instagram
Google+
YouTube
LinkedIn
RSS