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The annual inflation rate fell to 10.5% in August, 0.9 percentage points less than the 11.4% registered in July 2020.
The monthly exchange rate for August 2020 is -0.4.
“Total monthly inflation is negative because it is affected by negative food inflation (-1.1%) and negative inflation in the Recreation, Sports and Culture Division (-1.4%)”, announced the professor government statistician Samuel Annim. this at a press conference in Accra.
He said that the monthly exchange rate for August contrasted with the average monthly inflation of 0.9 percent that was registered during the months of April to July 2020 and the average monthly inflation rate of 0.7 percent that was registered. in the six months prior to COVID-19 “.
According to Professor Annim, the reduction in the inflation rate also meant that the country’s currency had witnessed some stability, a situation that generates confidence in the business community especially and in investors.
He explained that “this brings to mind a sense of stability in the currency that we are all looking for as a country and this is what investors will need to have that certainty of what will happen with their investment.”
“Having started to see a reversion to the pre-COVID-19 period suggests that there is some certainty with our trade commitments,” he said.
Food and non-alcoholic beverages recorded a year-on-year inflation rate of 11.4% for August, representing a fall of 2.3% from 13.7% in July 2020.
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Two subgroups had inflation rates higher than the group’s average rate of 13.7 percent.
These are vegetables with 21.3%, fish and other seafood with 14.3%.
This means that food is the main driver of year-on-year inflation in August.
The Non-Food group recorded a year-on-year inflation rate of 9.9 percent in August.
Non-food inflation in August was 0.2 percentage points higher than the 9.7% registered in July 2020.
Inflation for imported goods was 4.8 percent, while that for local products was 12.6 percent on average.
Regionally, the annual inflation rate ranged from 4.7% in the Volta region to 13.5% in the Greater Accra region.
Ashanti 11.2%, Western Region 11.6% and Eastern 11.9% registered inflation rates higher than the national average of 10.5%. The Volta region had the lowest annual inflation rate of 4.7 percent.
