Inflation for September 2021 jumps to 10.6%; highest figure since August 2020

Data from the Ghana statistical service has revealed that the year-on-year Inflation rate for the month of September 2021 has jumped to 10.6 percent from the 9.7 percent recorded in August.

According to the Ghana Statistical Service, the figure recorded as inflation for September is the highest since post-COVID-19 which dates back to August 2020.

Addressing Journalists, Government Statistician, Prof. Samuel Kobina Annim added that food inflation in the month of September stood at 11.5 which represents a 0.6 percentage increase in food inflation compared to that of August 2021.

He said “The national year-on-year inflation rate was 10.6% in September 2021, which is 0.9 percentage points higher than the 9.7% recorded in August 2021. Month-on-month inflation between August and September 2021 was 0.6% which is 0.3 percentage points higher than what was recorded in August 2021.”

This month, the Food inflation which stood at 11.5% was higher than last month’s 10.9% and just above the average of the previous 12 months.

However, Food inflation contribution to total inflation dropped from 50.2% last month to 48.6% in September. Overall month-on-month food inflation was 0.0%, which is lower than the twelfth month national average month-on-month inflation.

Vegetables, coffee and coffee substitutes, and cereal products were the only subclass that recorded a negative month-on-month inflation.

All the twelve non-Food Division recorded positive month-on-month inflation of max 2.9%.

Meanwhile, Non-Food year-on-year inflation on average went up this month compared to last month (from 8.7% to 9.9%). Out of the 13 Division, six had higher year-on-year inflation in September 2021 than the rolling average over the last 12 months.