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Business news for Wednesday, October 14, 2020
Source: GNA
2020-10-14
Professor Samuel Annim is a government statistician
The annual inflation rate for September 2020 registered a marginal drop of 10.4 percent compared to 10.5 percent in the previous month, driven by negative monthly food inflation.
Monthly inflation between August 2020 and September 2020 was -0.2 percent, mainly driven by negative monthly food inflation of -0.5 percent.
“The negative monthly inflation rate of -0.2 percent indicates that, on average, prices decreased slightly in the second consecutive month. This trend is visible in different regions and is driven by negative food inflation, ”said Professor Samuel Annim, a government statistician, during a virtual press conference.
He said that food contributed 47.6 percent to year-on-year inflation in September 2020, just slightly more than in the months before COVID-19.
Food inflation was 11.2 percent compared to 11.4 percent in August, while non-food inflation was 9.8 percent slightly higher than 9.9 percent in August.
Inflation for locally produced items was 12.3 percent compared to 5.1 percent for imported items.
Regionally, headline annual inflation ranged from 1.3 percent in the Upper West region to 14.2 percent in the Greater Accra region.
Professor Annim said that, nationally, most regions posted lower year-on-year inflation this month compared to previous months and a low or negative monthly inflation rate.
“Where the Upper West region posted the highest monthly inflation of 3.4 percent last month, this month it posted the lowest monthly inflation of -6.9 percent of all regions. This month, the Volta region recorded the highest monthly inflation of 0.1 percent, ”said Professor Annim.
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