Inflation increases to 10.6 % in September

The country’s year-on-year inflation rate inched up to 10.6 per cent in September, 2021 from 9.7 per cent in August, 2021, being the highest inflation figure in fourteen months, the Ghana Statistical Service (GSS), has announced.

It said the September inflation rate was the highest post-COVID-19 inflation figure since the country recorded the lowest inflation figure of 7.5 per cent in May 2021.

The September, 2021 inflation rate was 0.9 percentage higher that the 9.7 per cent recorded in August, 2021, and a month-on-month inflation between August and September 2021 was   0.6 per cent (o.3 percentage point higher than what was recorded in August 2021.)

Addressing a news conference on the September 2021, Consumer Price Index and Inflation, Government Statistician, Professor Samuel K. Annim said the September inflation rate was driven by housing, water and electricity.

“Housing, water, electricity, gas, and other fuels continue to be the leading division driving inflation recording 18.7 per cent this month (though lower than the 12 months rolling average,” he said.

He said food inflation for September stood at 11.5 per cent relative to the 10.9 per cent recorded the previous month.

Prof Annim said the average food inflation for the last twelve months was 10.4 per cent and a month-on-month food inflation stood at zero percent.

“Inflation for September 2021 indicates that food contribution to overall inflation has declined, contributing less than half to overall inflation,” he said.

Prof Annim said vegetables, coffee, and coffee substitutes, and cereal products recorded negative month-on-month inflation between -0.1 to -3.3 per cent.

The Government Statistician said non-food inflation for September stood at 9.9 per cent compared with the 8.7 per cent in August, with housing, water and electricity driving the non-food inflation.

Prof Annim said inflation for locally produced items in jumped to 11.5 per cent in September from 10.3 per cent in August and inflation for imported items remain flat at 8.1 per cent between August and September.

He said inflation for locally produced items continued to dominate import items while inflation for imported items remained stagnant.

On the regional inflation, Prof Annim said  Upper West recorded the highest inflation rate of 16.8 per cent, followed by Northern Region at 15.2 per cent,  Greater Accra 12.9 per cent, Ashanti 11.7 per cent, Upper East 10.2 per cent, Central 10.0 per  cent , and Volta 9.2 per cent.

He said Eastern Region recorded the lowest inflation rate of 2.7 followed by Western Region at 7.2 per cent.

In terms of food inflation, Prof Annim stated that Upper West recorded the highest inflation at 25.9 per cent, flowed by Northern Region 22.8 per cent, Upper East 19.1, Brong Ahafo, 14.1 per cent, Central 14.0 per cent and Ashanti 13.7 per cent, while Eastern Region recorded the lowest food inflation at 4.6 per cent, Western 8.1 per cent and greater Accra, 9.1 per cent.

“Greater Accra recorded the highest non-food inflation of 15.6 per cent, followed by Ashanti of 10.2 per cent, Northern Region 9.7 per cent, Upper West 7.8 per cent, Volta 7.5 per cent, Brong Ahafo 6.7 per cent, Central 6.4 per cent, and Western 6.2 per cent, while Eastern recorded the lowest non-food inflation 0.8 per cent, Upper East 5.9 per cent,” he said.

BY KINGSLEY ASARE

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