Rate of inflation edges up to 9.5 per cent in July

The annual inflation rate rose slightly to 9.5% in July compared to 9.4% in June due to the weak cedi, the Ghana Statistical Service said in Accra on Wednesday.

The increase in July is the fifth consecutive monthly rise. “This means that the general price level went up by 9.5% over the one year period from July 2011 to July 2012,” Mr. Baah Wadieh, Acting Deputy Government Statistician Technical said.

The monthly change rate for July 2012 was 0.7% which meant the general price level went up by 0.7% for the one month period between June 2012 and July 2012.

The rate for June 2012 was 1.4%.

Food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 5.5% slightly higher than the rate in June 2012 of 5.4%.

Seven sub-groups in the food and non-alcoholic beverages group recorded inflation rates higher than the group average of 5.5%.

Fish, bread and cereals sub-groups were the major contributors to the July food inflation.

“Inflation in local food products, which stood at 4.9% is lower than that of imported food products at 9.1%,” Mr. Wadie said.

Seven sub-groups in the non-food group recorded inflation rates higher than the group averages of 12.0%, with clothing and footwear group the highest contributors.

Central Region recorded the highest inflation rate of 11.6%, Upper East Region and Upper West Region had the lowest rate of 5.3%.