Year-on-Year inflation rate for September inches down to 10.4 percent

The year-on-year inflation rate for September 2020 recorded a marginal drop at 10.4 percent compared with 10.5 percent the previous month, driven by negative month-on-month food inflation.

Month-on-month inflation between August 2020 and September2020 was -0.2 percent, predominantly driven by negative month-on-month Food inflation of -0.5 percent.

“The negative month-on-month inflation rate of -0.2 percent indicates that on average prices actually decreased slightly in the second consecutive month. This trend is visible across the different regions and driven by negative Food inflation,” Professor Samuel Annim, the Government Statistician said during a virtual press conference.

He said food contributed 47.6 percent to the year-on-year inflation in September 2020, only slightly higher than in the months prior to COVID-19.

Food inflation was 11.2 percent compared to 11.4 per cent in August while non-food Inflation was 9.8 percent marginally up from August’s 9.9 percent.

Inflation for locally produced items was 12.3 percent compared with 5.1 percent for imported items.

At the regional level, the overall year-on-year inflation ranged from 1.3 percent in the Upper West Region to 14.2 percent in Greater Accra Region.

Prof Annim said as on the national level, most regions recorded lower year-on-year inflation this month compared to previous months and a low or negative month-on-month inflation rate.

“Where the Upper West Region last month recorded the highest month-on-month inflation 3.4 percent, this month it recorded the lowest month-on-month inflation of -6.9 percent of all regions. This month Volta Region recorded the highest month-on-month inflation of 0.1 percent,” Prof Annim said.