Annual inflation rate rises to 11.3 per cent

The year-on-year inflation rate increased to 11.3 per cent in May up from 10.6 percent in April as a result of increase in food prices.

The rate rose by 0.7 percentage points from the 10.6 percent recorded in April, Professor Samuel Annim, Government Statistician, said on Wednesday.

The month-on-month inflation between April 2020 and May 2020 was 1.7 percent.

The food and non-alcoholic beverages division recorded a year-on-year inflation rate of 15.1 per cent, up 0.7 percentage points over the 14.4 per cent recorded in April.

Food contributed nearly 60 percent of the year-on-year inflation in April 2020.

“This translates to food being the predominant driver of year-on-year inflation,” Prof Annim said.

The average non-food inflation stood at 8.4 percent.

At the regional level, the overall year-on-year inflation ranged from 3.1 per cent in the Upper East Region to 13.3 per cent in Greater Accra.

The inflation of imported goods was 4.8 per cent, while the inflation of local goods was 14.1 per cent on average, the highest rate of local inflation, and the lowest rate of imported goods inflation since the rebasing in August 2019.

Month-on-month inflation for imported goods was 0.8 per cent, while month-on-month inflation for local goods was 2.1 per cent. The main contributor to local inflation was the inflation of locally produced foods.

GNA

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