Inflation inches up by 0.7% in August on the back of higher food and housing prices
Headline inflation rate for the month of August 2021, inched up by 0.7 percentage points to end at 9.7 percent from the previous inflation rate of 9 percent for last month – July 2021.
The increase in inflation, the Ghana Statistical Service (GSS), attributed to increments in food and housing prices on a month-on-month basis.
Month-on-month inflation between July 2021 and August 2021, the GSS asserts was 0.3 percentage points.
Food inflation for the month of August, according to the GSS was 10.9 percent, some 1.4 percentage points higher than the 9.5 percentage points recorded for July 2021.
Month-on-month Food inflation stood at 0.2 percent at the end of August 2021.
Non-food Inflation for the month under review increased marginally from 8.6 percent in July to 8.7 percent in August. Month-on-month Non-Food inflation was 0.3 percent.
“Food and non-alcoholic beverages was the dominant driver for the higher rate of inflation in August 2021. Inflation for August 2021 indicates that food contributes more than half to overall inflation, when combined with housing more than two-thirds, and further including transport more than four-fifths,” stated Government Statistician Professor Samuel Annim announcing the inflation rate for the month of August.
“Inflation for locally produced items was 10.3 percent whereas inflation for imported items was 8.1 percent. Inflation for locally produced items continue to dominate imported items but imported items show a marginally higher increase,” added Professor Annim.
At the regional level, inflation for the Upper West and Upper East regions continue to soar recording inflation rates of 11.9 and 8.9 percent respectively. The Greater Accra recorded an inflation rate of 12.8 percent for the month of August.
