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EconomyThu, 14 Oct, 21

Housing Et Al., Pushes September Inflation to Double-Digit

Housing Et Al., Pushes September Inflation to Double-Digit

The percentage measure of the general price level of goods and services consumed nationwide, inflation, for the month of September has hit double digit according to the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) spearheaded by Housing, Water, Electricity, and Gas as well as Transport divisions of the inflationary basket.

Housing, Water, Electricity, and Gas recorded 18.7 percent from the 15.2 percent in August while the transport division saw a rise in inflation from the August 8.6 percent to 13.6 percent in September.

“Transport is the Division that recorded the biggest difference in this month’s inflation compared to the 12- month rolling average, (13.6 percent compared to 8.9 percent). Housing, Water, Electricity and Gas recorded a relatively high inflation (18.7 percent) this month compared to the rolling average (20.0 percent),” GSS noted in a statement

The double-digit inflation is the first to be recorded this year as the last double-digit inflation (10.4 percent) was recorded in December 2020.

“The national year-on-year inflation rate was 10.6 percent in September 2021, which is 0.9 percentage point higher than the 9.7 percent recorded in August 2021. Month-on-month inflation between August and September 2021 was 0.6 percent (0.3 percentage point higher than what was recorded in August 2021). ’Housing, Water, Electricity, Gas and other Fuels’ (18.7 percent) recorded the highest inflation,” GSS said.

At the regional level, the overall year-on-year inflation ranged from 2.7 percent in the Eastern Region to 16.8 percent in Upper West Region whiles Volta Region recorded the highest month on month inflation of 3.6 percent. Five regions (Brong Ahafo, Eastern, Greater Accra, Upper East and Upper West) recorded negative month-on-month inflation rates according the GSS.

The Food inflation for September, 11.5 percent, was higher than last month (10.9 percent) and just above the average of the previous 12 months (10.4 percent).

With regard to Non-Food, all the twelve divisions recorded positive month-on-month inflation of maximum 2.9 percent. Non-Food year on year inflation on average went up this month compared to last month (from 8.7 percent to 9.9 percent). Out of the 13 Division, six had higher year-on-year inflation in September 2021 than the rolling average over the last 12 months.

 

Source: Mohammed Bomanso Issah(Real Estate Times Africa)

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