Thursday, October 1, 2020

Inflation rate falls to 10.5 percent in August

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The year-on-year inflation rate fell to 10.5 percent in August, a 0.9 percentage points lower than 11.4 percent recorded in July 2020.

The monthly change rate for August 2020 is -0.4.

“Total month-on-month inflation is negative because it is pulled down by negative Food inflation (-1.1 percent) and negative inflation for the Recreation, Sport and Culture Division (-1.4 percent),” Government Statistician Professor Samuel Annim said at a virtual briefing to announce the rate.

He said the monthly change rate for August stood in contrast to the average 0.9 percent month-on-month inflation that was recorded during the months April to July 2020 and the average month-on-month inflation rate of 0.7 percent that was recorded in the six months prior to COVID-19,”

The Food and Non-alcoholic beverages recorded a year-on-year inflation rate of 11.4 percent for August, representing a 2.3 percent drop from 13.7 percent for July 2020.

Two subgroups recorded inflation rates higher than the group’s average rate of 13.7 percent. These are Vegetables with 21.3 percent, Fish and other Seafood 14.3 percent.

This translates to Food being the predominant driver of year-on-year inflation in August.

The Non-Food group recorded a year-on-year inflation rate of 9.9 percent in August.

The Non-Food inflation for August was 0.2 percentage point higher than the 9.7 percent recorded for July 2020.

The inflation of imported goods was 4.8 percent, while that of local goods stood at 12.6 percent on average.

At the regional level, the year-on-year inflation rate ranged from 4.7 percent in the Volta Region to 13.5 percent in the Greater Accra Region.

Ashanti 11.2 percent, Western Region 11.6 percent and Eastern 11.9 percent recorded inflation rates above the national average of 10.5 percent. Volta Region had the lowest year-on-year inflation rate of 4.7 percent.

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