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Inflation rises to 7.8%, first time since February 2021

BY: Naa Anyema Collision

Inflation for the month of June 2021 is 7.8%, according to figures from the Ghana Statistical Service.

This means that in June 2021, the general price level was 7.8% higher than in June 2020. Month-on-month inflation between May 2021 and June 2021 was 1.3%.

The higher rate of inflation recorded for foodstuff and transportation pushed inflation for June marginally up by 0.3% to 7.8%. 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 the 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. The difference between food and non-food inflation was 0.9 percentage points, but the difference between food inflation for May and June 2021 was 1.9 percentage points.

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 More than 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.

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