Consumer inflation stays at 10.3% in March 2021

Consumer inflation stayed at 10.3 percent in March 2021, outside the medium-term target band of 8±2 percent, the same as the rate recorded for February 2021, data from the Ghana Statistical Service (GSS) has shown.

This was largely driven by an increase in the inflation rate of non-food items during the month. Non-Food year-on-year inflation on average went up in March compared to the previous month, from 8.8% to 10.0%. Out of the 13 divisions, six had higher year-on-year inflation in March 2021 than the rolling average over the last 12 months.

“March 2021 inflation was 10.3%. This shows relative stability in inflation between February and March 2021. On a month-on-month basis, Food inflation was 0.2%, which is lower than 7 other divisions. Education Services recorded no month-on-month inflation,” the Government Statistician, Prof. Samuel Kobina Annim said.

During the period, food inflation (10.8%) was both lower than last month (12.3%) and the average of the previous 12 months (12.8%). This leads to food inflation decreasing in its contribution to total inflation to 46.3%, the lowest contribution observed since February 2020.

Within the Food Division, Tea (16.7%) recorded the highest rate of inflation (see Figure 4). Vegetables and Fish and Other Seafood recorded negative month-on-month inflation (-0.1% and -0.1% respectively) in March 2021.