Nat’l inflation rate from Jan. 2020 to Jan. 2021 9.9% – GSS

Lorlornyofm
By Lorlornyofm February 11, 2021 03:45

Nat’l inflation rate from Jan. 2020 to Jan. 2021 9.9% – GSS

The national month-on-month inflation from December 2020 to January 2021 was 0.9%
The Ghana Statistical Service has said the national inflation rate from January 2020 to January 2021 was 9.9%.

Also, the national month-on-month inflation from December 2020 to January 2021 was 0.9%.

In its latest Consumer Price Index report, GSS said Food and Non-Alcoholic Beverages inflation was 12.8% and average Non-Food inflation 7.7%.

Regional inflation was between 15.1% in Greater Accra and 1.9% in the Upper West Region.

The Government Statistician said: “January 2021 recorded the same year-on-year inflation as was recorded on average in 2020 (9.9%). Overall month-on-month inflation (0.9%) was just above the 2020 average (0.8%), but was considerably lower in Greater Accra (0.2%).”

January 2021 Inflation

The national year-on-year inflation rate was 9.9% in January 2021, which is 0.5 percentage point lower than last month (see Table 1). Month-on-month inflation between December 2020 and January 2021 was 0.9% (the same rate as last month). ’Housing, Water, Electricity, Gas’ (19.0% down from 20.1% last month) and ‘Food and Non-Alcoholic Beverages’ (12.8% down from 14.1% last month) recorded the highest rates of inflation. See Figure 1, for the inflation rates of all Divisions.

Regional Inflation

At the regional level, the overall year-on-year inflation ranged from 1.9% in Upper West Region to 15.1% in the Greater Accra Region.

Only in the Upper West Region (-0.6% Food inflation and 4.5% Non-Food inflation), did Food outpace Non-Food inflation.

The largest difference in Food and Non-Food inflation was recorded in Eastern Region (12.8% and 2.6% respectively).

Overall, year-on-year inflation came down in six regions compared to last month, with the biggest decrease in Central Region (minus 1.8 percentage points) and the largest increase in Ashanti Region (0.9 percentage points).

Food and Non-Food Inflation

Food inflation (12.8%) came down compared to last month (14.1%), but is still slightly above the average over the last 12 months (12.3%). With this rate, Food contributed 57.0% 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%).

Within the Food Division, Vegetables (20.3%) was the Subclass with the highest rate of inflation, which is lower than last month (24.2%). Overall month-on-month Food inflation was 1.2% (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%) saw a decrease in price levels, as did Fish and Other Seafood (-0.2%). Similar to last month, Alcoholic Beverages and Tobacco saw a relatively high month-on-month inflation (1.4%).

Non-Food year-on-year inflation on average was the same as last month (7.7%), which is below the 2020 average (8.5%). 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 differences between the average and the current month were recorded for Housing (2.1 percentage points) and Education services (minus 4.1 percentage points).

Average month-on-month Non-Food inflation was 0.7%. For month-on-month inflation, eight Divisions recorded higher inflation than the 12-month rolling average. At the regional level, a similar trend exists.

However, Ashanti recorded higher month-on-month inflation for 12 Divisions in January compared to the 12-month average and Greater Accra recorded the lower inflation for 11 out of 13. On a month-on-month basis, Ashanti Region recorded the highest overall inflation (2.1%) and Food inflation (3.0%) and Greater Accra the lowest (0.2% overall and 0.0% Food inflation).

Imported and Local Inflation

The inflation of imported goods was 6.1% (same as last month), while the inflation of local goods was 11.3% on average (down from 12.1% last month). Month-on-month inflation for imported goods was 0.7% and for locally produced goods 1.0%.

Source: ClassFMonline.com

Lorlornyofm
By Lorlornyofm February 11, 2021 03:45
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