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Economic news for Thursday 11 February 2021
Source: Business 24
2021-02-11
The decrease is largely attributable to food inflation
Consumer inflation started this year at 9.9%, slowing from the 10.4% recorded at the end of 2020, according to data from Ghana’s statistical services.
This brings the indicator back to the Bank of Ghana’s medium-term target of 8 ± 2.
The combined consumer price index (CPI) measures the change over time in the general price level of goods and services that households acquire for consumption.
The decline is largely attributable to food inflation, which has seen a slowdown in the prices of vegetables as well as fruits and nuts.
Food inflation slowed to 12.8 percent from 14.1 percent the month before. However, this remains slightly above the last 12-month average of 12.3 percent. With this rate, food contributed 57.0 percent of total inflation.
Within the Food Division, vegetables registered 20.3 percent, making it the subclass with the highest inflation rate, although lower than last month’s rate of 24.2 percent.
Compared with December 2020, fruits and nuts saw lower price levels registering -5.1 percent, similar to sub-classes of fish and other seafood at -0.2 percent.
Annual inflation in the non-food sector was on average the same as last month at 7.7%, which is lower than the 2020 average of 8.5%. Of the 13 divisions, five had higher annual inflation in January 2021 than the moving average of the past 12 months.
Regionally, headline year-over-year inflation ranged from 1.9% in the Upper West region to 15.1% in the Greater Accra region.
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