Inflation Returns To Single Digit Of 8.5 percent In April 2021

Inflation returned to single digit Inflation returned to single digit

Inflation returned to single digit as it remarkably fell to 8.5 percent in April 2021, from the 10.5 percent recorded in March 2021, figures from the Ghana Statistical Service have revealed.

It is the first single digit rate recorded in the year, following the ravaging effects of covid-19 on the economy. This means increases in price of goods and services slowdown in April 2021, comparatively to March this year.

However, it is higher than the rate recorded during the same period last year.

Month-on-month inflation between March and April 2021 was however 1.5 percent.

According to the figures, food inflation rate stood at 6.5 percent, lower than the 10.8 percent recorded in March 2021. Non-food inflation rate was however went up to 10.2 percent in April 2021, from 10.0 percent recorded in March 2021.

Within the food group, Fruits and Nuts which recorded -0.4percent inflation drove the April 2021 down.

For the non-food inflation, Housing, water, Electricity and Gas recorded an inflation rate of 25 percent, down from 29 percent recorded in March 2021. It is actually the highest rate of inflation for April 2021.

Transport (9.6 percent) and Insurance and Financial Services (9 percent) recorded inflation rates above the national average of 8.5 percent.

Also, the inflation for imported goods was 7.4 percent, up from 6.8 percent recorded last month, while the inflation for locally produced items was 8.7 percent, down from the 11.7 percent recorded last month.

Regional inflation

For the regions, the Greater Accra region recorded the highest inflation rate of 12.1 percent in April this year, but lower than that of March 2021.

However, the region with the lowest rate of inflation was Upper West with inflation rate of 2 percent.

Ashanti region was the other region apart from Greater Accra region with inflation rate of 10.1 percent, higher than the national average.

Source: Joy Business