Professor Samuel Kobina Annim, Government statistician is optimistic that the month-on-month inflation rate will return to a single digit if COVID -19 restrictions are eased.
According to him, Even though year-on-year inflation is still higher compared to pre-COVID-19 inflation, month-on-month inflation and month-on-month Food inflation are lower than the previous two months.
He indicated that prices did continue to rise, but not as much as the previous two months.
Addressing the media in Accra, Professor Samuel Kobina Annim, said the inflation rate for imported items for June 2020 stood at 4.7 percent while that of locally produced items was 13.9 percent, a difference of 9.2 percent.
The year-on-year inflation rate was 11.2 percent in June 2020, which is 0.1 percentage points lower than the May record of 11.3 percent.
Inflation is the increase in the price level of consumer goods and services over a certain period, resulting in a fall in the purchasing value of money.
The Food and Non-alcoholic beverages inflation rate recorded a year-on-year inflation rate of 13.8 percent for June – 1.3 percent lower than 15.1% recorded for May 2020.
Three subgroups recorded inflation rates higher than the group’s average rate of 13.8 percent.
They are Vegetables 28.8 percent, Fruits and Nuts 17.4 percent and Fish and other Seafood 14.3 percent.
Non-food inflation came in at 9.2 percent, which is higher than the 8.4 percent measured in May 2020.
The Division with the highest month-on-month inflation was Housing, Water, Electricity, and Gas.
The inflation rate for imported items stood at 4.7 percent while that of locally produced items was 13.9 percent, a difference of 9.2 percent.
Source: Mybrytfmonline/Kofi Atakora
