The year-on-year inflation rate as measured by The Consumer Price Index (CPI) was 11.4 percent in July 2020, which is 0.2 percentage points lower than June 2020 and the monthly change rate for July 2020 was 0.5 percent.
The Food and Non-alcoholic beverages inflation rate recorded a year-on-year inflation rate for June is 13.7 percent, 1.0% lower than 13.8% recorded for June 2020.
Three subgroups recorded inflation rates higher than the group’s average rate of 13.7 percent, they are Vegetables (28.2%), Fish and other Seafood (16.1%), Fruits and Nuts (13.0%) and this translates to Food being the predominant driver of year-on-year inflation in July
At a virtual news conference held in Accra on 12th August, 2020, The Government Statistician of The Ghana Statistical Service, Prof .Samuel Kobina Annim, said “the Non-Food group recorded a year-on-year inflation rate is 9.7 percent in July 2020. The Non-Food inflation for July 2020 is 0.5 percentage point higher than the 9.5 percent recorded for June 2020. Housing, Water, Electricity and Gas (20.3%) was the key drivers of the non-food inflation in July”.
At the regional level, the year-on-year inflation rate ranged from 4.2 percent in the Volta Region to 16.2 percent in the Greater Accra Region. Greater Accra (16.2%) and Western Region (12.7%) and Eastern (12.0%) recorded inflation rates above the national average of 11.4%.Volta Region had the lowest year-on-year inflation rate.
The Combined Consumer Price Index (CPI) measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption, with reference to the price level in 2018, the base year, which has an index of 100.
This rate of inflation for July 2020 is the percentage change in the Consumer Price Index (CPI) over the twelve-month period, from July 2019 to July 2020.