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ManufacturingSun, 29 May, 22

Surging Cement Block Prices Constituted 15.5% of National Inflation

Surging Cement Block Prices Constituted 15.5% of National Inflation

Prices of cement blocks for the month of April recorded inflation rates on a month-on-month basis at least three times as high as the national inflation rate. This indicates that the price of cement blocks increased more than three times the price in the previous month.

Cement blocks together with other ten (10) items constituting both food and non-food items on a month-on-month basis recorded inflation rates at least three times as high as the national rate of 5.1 percent for the month of April. 

According to the Ghana Statistical Service the year-on-year inflation rate for the month of April was reported to be 23.6 percent. This indicates that in April 2022, a year-on-year inflation increased by 4.2 percentage points from 19.4 percent to 23.6 percent.

Despite Ghana being home to several top cement companies including those indigenous companies, the price of cement in the country keeps surging making it more expensive to afford affordable housing in the country. 

No doubt that these cement brands produce very durable products which in some cases, increase the price tag on their products. However, the persistent increase of cement blocks is becoming a great concern in the country.

Over half of the items that recorded year-on-year inflation rates higher than the national rate of 23.6 percent for April 2022, are food and non-alcoholic beverage items, with locally produced foods having a greater share relative to imports.

On a month-on-month basis, eight sub-classes recorded inflation rates higher than the overall inflation (5.1%). This was distantly led by Fruit and Vegetable Juices (15.0%) followed by Oils and Fats (12.4%) and Water (11.8%)

On a month-on-month basis for April 2022, six divisions including Household Equipment and Maintenance; Personal Care and Miscellaneous Goods; Recreation, Sport and Culture; and Food and Non-Alcoholic Beverages; record inflation rates higher than the national average

Household Equipment and Maintenance recorded the highest increase in the relative contributions to inflation for April 2022; the contribution of Transport remained the same as March 2022, while Food and Non-Alcoholic Beverages; and Housing, Water, Electricity, Gas reduced.

 

Source: Abdul-Razak Mohammed (Real Estate Times Africa)

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