Inflation drops to 9.9 per cent in January

Inflation rate has dropped from the 10.4 per cent recorded in December last year to 9.9 per cent in January 2021, the Ghana Statistical Service (GSS) has announced.

Speaking to the media in Accra on Wednesday, Government Statistician Professor Samuel Kobina Annim noted that Food inflation continued to be higher than non-inflation, year-on-year basis.

He explained that Food inflation, at 12.8 per cent, came down compared to last month’s of 14.1 per cent though slightly above the average over the last 12 months, 12.3 per cent.

With this rate, Food contributed 57.0 per cent to the total inflation. This is still above the average for the last year and a half, but slightly down from last month 59.1 per cent, he said.

Within the Food Division, Vegetable (20.3 per cent) was the subclass with the highest rate of inflation, which is lower than last month (24.2 per cent).

Overall month-on-month Food inflation was 1.2 per cent, which is 0.3 percentage point lower than last month, but higher than the average over the last 12 months.

Compared to last December 2020, Fruits and Nuts (-5.1 per cent) saw a decrease in price levels, as did Fish and Other Seafood (-0.2 per cent).

Similar to last month, Alcoholic Beverages and Tobacco saw a relatively high month-on-month inflation (1.4 per cent).

“Non-Food year-on-year inflation on average was the same as last month (7.7 per cent), which is below the 2020 average (8.5 per cent). Out of the 13 Divisions, five had higher year-on-year inflation in January 2021 than the rolling average over the last 12 months.

“The biggest difference between the average and the current month were recorded for Housing, 2.1 percentage points, and Education services, minus 4.1 percentage points,” he said.

He added: “Average month-on-month, Non-Food inflation was 0.7 per cent. For month-on-month inflation, eight Divisions recorded higher inflation than the 12- month rolling average. At the regional level, a similar trend exists.”

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