HomeCampus NewsInflation inches up to 9% in July

Inflation inches up to 9% in July

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Ernest Gyeduhttps://hypercitigh.com
Ernest Gyedu also known as Fantasma is a Socio economic data analyst who also has knowledge in Geospatial analysis. He is a hardworking goal driven and determind young lad who holds the portfolio of co-founder and managing director of hypercitigh media group.
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Inflation for July inched up to nine (9) percent, up from the 7.8 percent recorded in June.

This was largely driven by the food sub-sector which contributed 47 percent to overall inflation.

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This was followed by the transport sub-sector which also contributed 14.3 percent.

The Government Statistician, Professor Samuel Annim, who announced the figures at a press conference in Accra on Wednesday said: “more than three-quarters of the rate of inflation recorded in July 2021 was contributed by food and non-alcoholic beverages; housing, water, electricity, and gas and Transport.”

The inflation which is determined by the Consumer Price Index (CPI) measures changes over time in the general price level of goods and services that households acquire for the purpose of consumption.

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Food and Non-food inflation

Food and Non-alcoholic beverages recorded a year-on-year inflation rate of 9.5 percent for July 2021 while the Non-food group recorded a year-on-year inflation rate of 8.6 percent in July 2021.

Inflation for locally produced items continues its dominance over inflation for imported items by widening the gap between the two.

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While inflation for locally produced items was 9.4 percent and that for imported items was 7.1 percent.

Regional level

At the regional level, four regions recorded inflation rates above the national average of 9.0 percent.

The overall year-on-year inflation ranged from 13.5 percent in the Northern Region to 13.8 percent in the Upper West Region.

As a result, Greater Accra’s persistent record of highest for 16 consecutive months has been halted.

Source: Graphic Online

 

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