Latest data released by the Ghana Statistical Service (GSS), indicates that the national year-on-year inflation rate for March 2021 was 10.3 percent.
However, month-on-month inflation between February and March was 0.9%.
Overall food inflation’s contribution to total inflation for March was 46.3%, the lowest since February last year.
“This month, Food inflation which was 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. Overall, month-on-month Food inflation was 0.2%. Only Education Services recorded no change between February and March 2021, all other Divisions recorded positive month-on-month inflation”, Government Statistician, Professor Samuel Annim said at a Press conference in Accra
According to Prof. Annim, the Greater Accra Region maintained the highest rate of inflation while the Volta Region on the other hand recorded the lowest.
“At the regional level, the overall year-on-year inflation ranged from 5.3% in the Volta Region to 17.0% in Greater Accra Region. Only in the Greater Accra Region (11.5% Food inflation and 21.0% Non-Food inflation) that Non-Food outpaced Food inflation. The largest difference in Food and Non-Food inflation was again recorded in Eastern Region (14.7% and 1.7% respectively). Overall, year-on-year inflation went up in four regions compared to last month”, he added
Prices are collected for approximately 39,500 products every month.
Price collection is done in 44 markets. Prices are collected from 7,726 outlets.
Products are ordered in a hierarchy of 13 Divisions, 44 Groups, 98 Classes, 156 Subclasses and 307 items monitored for the analysis.