FOOD PRICES PUSH AUGUST INFLATION RATE TO 9.7%

The continuous rise in the prices of food items continues to dominate overall inflation in Ghana.

Data from the Ghana Statistical Service indicates that the year-on-year inflation rate for August 2021 stood at 9.7.

Food inflation in the month of August stood at 10. 9 relative to nonfood inflation of 8.7 which indicates a differential of 2.2 for the month of August 2021.

This will however be the first time in several months that food inflation will contribute more than half of the consumer price index on a month on month basis.

The contribution of food commodities to overall inflation in Ghana has risen in the past 3 months.

Food contributed 41.8% to overall inflation in June, 47% in July, and 52% in August.

Data covering the first six months of this year from commodity price analysts Esoko indicates that a 100 kg bag of maize at the Techiman market rose by about 60% from GHS 191 to GHS 301.

A 72 kg crate of tomatoes from the same market over the same period rose by almost 130% from GHS 397 to GHS 904.

A further look at the data from the Ghana Statistical Service shows that year on the year inflation rate for August for cereal products was one of the highest at 15.5% from 12.2 %  in July while milk, dairy products, and eggs in light of the issues facing the poultry sector declined to 13.1% from 14.2% in July 2021.

 

Source: citibusinessnews.com


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