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Inflation rate for June drops to 11.2%

Inflation rate for June has decreased marginally from 11.3% in May to 11.2%
Food has continuously contributed to the inflation figures.

Government Statistician Prof Kwabena Anim explaining the contributing figures and the year-on-year calculations said food has contributed 54.5% to inflation.

He said the country recorded a CPI for June as 119.8 relative to 118. 6 in May.

“The month June we recorded a CPI for June as 119.8 relative to 118. 6 in May. This means that year on year inflation for the month of June 2020 was 11.2% what this means is that between June 2019 and June 2020 prices of general goods have gone up by the average 11.2%. “

“On a month on month basis which is between May and June we see a just of 1.0 %, we do a further disaggregation on the year on year basis and we realised that from a year on year perspective food continue to dominate its contribution to inflation specifically food is contributing 54.5% relative to other divisions.”

Inflation rate for May

The continuous rise in prices of food items pushed Ghana’s inflation up to 11.3% in May 2020.

This means that between May 2019 and the same period in 2020, the prices of items have increased by 11.3%

This figure is also 1.7 percentage points higher compared to the 10.6% inflation recorded in April 2020.

The Government Statistician, Prof. Samuel Kobina Annim, explained that the rise has also been triggered by the increase in food prices before and during the partial lock-down period which spanned for three weeks in April.

He, however, indicated that there has been a marginal decline in the contribution of food prices to the overall inflation figure.

“In terms of contribution to year on year inflation, we see food as the major contributor, contributing about 56 percentage points. In April 2020, we saw food inflation contributing close to 60%, so the contribution of food has slowed down in May 2020,” he told journalists at a meeting to announce the inflation figures.

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