General NewsLocal News

Inflation for July 2021 stands at 9.0%

Listen to this Article Now

The year-on-year inflation rate between July 2020 and July 2021 remained at 9.0% with month-on-month inflation for a similar period (June 2021 – July 2021) was 1.6%.

As per GSS chief, Professor Samuel Kobina Annim, the year-on-year variety between food (9.5%) and non-food inflation (8.6%) was 0.9% and the month-on-month food inflation surpasses non-food inflation by 0.7 rate focuses (2.0% versus 1.3%).

Prof. Samuel Kobina Annim at a news gathering in Accra on Wednesday, 11, said, “a greater number of than 3/4 of the pace of inflation recorded in July 2021was contributed by Food and Non-cocktails; Housing, Water, Electricity, and Gas and Transport”, however the “inflation for privately delivered things proceeds with its strength over inflation for imported things by extending the hole between the two.”

He said, Greater Accra’s industrious record of most elevated inflation for sixteen successive months has been ended as Northern (13.5%) and Upper West (13.8%) areas record higher by and large inflation.

On the disaggregation of month-on-month inflation, he focused on the point that, “Ten Divisions recorded a higher pace of inflation comparative with a similar period most recent a year and the moving normal August 2020 to July 2021. Transport recorded a lower inflation this month thought about”.

CPI estimates changes in the cost of a proper bushel of labor and products bought by families, The supposition that will be that the bin is bought every month, subsequently as value changes every month, the absolute cost of the container will likewise change.

The pace of inflation is the overall change in CPI between periods.

Inflation is accounted for year-on-year (yearly inflation) and month-on (month to month inflation), and granulated to decide territorial and item type and wellspring of inflation.