The higher rate of inflation recorded for foodstuffs and transportation pushed inflation for the month of June marginally up by 0.3% to 7.8%.
However, despite the increase, the country continued to stay within the single digit inflation for the past three months.
This marginal increment will also not affect cost of living that much.
According to data from the Ghana Statistical Service, month-on-month inflation between May 2021 and June 2021 was 1.3%. This means prices of goods and services went up slightly within the period.
Whilst food inflation was 7.3%, that of non-food Inflation was 8.2%. Interestingly food inflation was lower in May 2021, whereas non-food inflation was higher in the same month.
Read also: Banks to take time to cut lending rates
Inflation for locally produced items was 7.9%, whereas inflation for imported items was 7.0%. Inflation for local goods however surpassed inflation for imported items by 0.9 percentage points
In excess of 5.5 percentage points, two divisions {Housing, Water, Electricity and Gas (14.2%) and Transport (13.4%)} record inflation rates higher than the national rate of 7.8%. This indicates that the changes in food and transport prices are increasing at a faster rate.
On the other hand, three divisions record inflation {Housing, Water, Electricity and Gas (14.2%); Transport (13.4%); and Insurance and Financial Services (5.5%)} higher than the inflation for rolling average July 2020 to June 2021.
Regional inflation
The Greater Accra region continued to dominate the regions with the highest rate of inflation rate of 12.5%, largely influenced by prices of food and housing.
Northern region followed suit with an inflation rate of 11%. Ashanti region recorded same inflation rate as the national average of 7.8%.
