Business

April inflation rate 8.5%

The national year-on-year inflation rate was 8.5% in April 2021, which is 1.8 percentage points lower than the 10.3% recorded in March 2021 the Ghana Statistical Service has said.

Month-on-month inflation between March and April 2021 was 1.5% (0.6 percentage point higher than what was recorded in March).

’Housing, Water, Electricity, Gas’ (25.0% down from 29.0% last month) recorded the highest inflation while ’Transport’ (9.6%) and Insurance and Financial Services (9.0%) recorded inflation rates above the national average of 8.5%.

Regional Inflation

At the regional level, the overall year-on-year inflation ranged from 2.0% in the Upper West Region to 12.1% in Greater Accra Region. Food inflation was higher than non-food inflation in six of the ten traditional regions (Western, Central, Eastern, Volta, Northern and Upper East).

The largest difference in Food and Non-Food inflation was recorded in the Northern Region (10.7% and 5.8% respectively). Overall year-on-year inflation only went up in Ashanti region.

Food and Non-Food Inflation

April food inflation (6.5%) was both lower than March (10.8%) and the average of the previous 12 months (12.8%).

This further leads to food inflation decreasing in its contribution to total inflation to 33.8%, the lowest contribution observed since the CPI basket was rebased in 2018.

Overall month-on-month food inflation was 2.3%.

This means that food is becoming relatively expensive compared to last month.

All the other divisions recorded positive month-on-month inflation.

Within the food division, vegetables (5.4%) recorded the highest rate of inflation.

Fruits and nuts recorded negative month-on-month inflation (-0.4%) in April 2021 with water and cocoa drinks recording no change in month-on-month inflation.

Source: classfmonline.com

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