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15.07.2021 Business & Finance

Year-on-Year June inflation inches up at 7.8%

Year-on-Year June inflation inches up at 7.8%
LISTEN JUL 15, 2021

The Government Statistician, Professor Samuel Kobina Annim said on Wednesday that Year-on-year inflation stood at 7.8 per cent in June compared to 7.5 per cent in May, pushed slightly by transport and food items.

Speaking at a press briefing to announce the rate, Prof Annim said food and transport were the dominant drivers for the higher rate of inflation in June 2021.

Food contributed 41.8 per cent to overall inflation while transport contribution increased from 16.5 per cent last month to 18.1 per cent.

“Inflation for June 2021 indicates that the six-month continuous decline in food inflation has been reversed by 1.9 percentage points,” he said.

The Month-on-Month inflation was 1.3 per cent while the Month-on-month food inflation exceeds non-food inflation by 1.0 percentage point.

Year-on-year variation between food 7.3 per cent and non-food inflation 8.2 per cent was 0.9 per cent.

“A reversal in the declining trend of food inflation has been observed for the first time in six months as it increases by 1.9 percentage points between May and June 2021. This has contributed in closing the gap between food and non-food inflation,” Prof Annim said.

Inflation for locally produced items has regained its dominance over inflation for imported items, surpassing inflation for imported items by 0.9 percentage points.

Inflation for locally produced items was 7.9 per cent compared to that of imported items at 7.0 per cent.

The Northern Region continues to record higher Year-on-Year food inflation at 16.2 per cent, closely followed by Upper West 14.8 per cent and distantly next is Greater Accra at 9.9 per cent.

The Western Region recorded a deflation in food inflation by 1.1 per cent.

Overall, Greater Accra recorded the highest rates of inflation for both non-food 14.4 per cent and overall inflation at 12.5 per cent.

—GNA

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