Economy

Annual Inflation rate rises to 11.3 percent in May

The year-on-year inflation rate increased to 11.3 percent in May up from 10.6 percent in April on food prices.

The rate rose by 0.7 percentage points from the 10.6 percent recorded in April Professor Samuel Annim, Government Statistician, said on Wednesday.

The month-on-month inflation between April 2020 and May 2020 was 1.7 percent.

The Food and non-alcoholic beverages division recorded a year-on-year inflation rate of 15.1 percent, up 0.7 percentage points over the 14.4 percent recorded in April.

Food contributed nearly 60 percent of the year-on-year inflation in April 2020.

“This translates to food being the predominant driver of year-on-year inflation,” Pro. Annim said.

The average non-food inflation stood at 8.4 percent.

At the regional level, the overall year-on-year inflation ranged from 3.1 percent in the Upper East Region to 13.3 percent in Greater Accra.

The inflation of imported goods was 4.8 percent, while the inflation of local goods was 14.1 percent on average, the highest rate of local inflation, and the lowest rate of imported goods inflation since the rebasing in August 2019.

Month-on-month inflation for imported goods was 0.8 percent, while month-on-month inflation for local goods was 2.1 percent. The main contributor to local inflation was the inflation of locally produced foods.