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Business News of Wednesday, 9 September 2020

Source: Class FM

August inflation is 10.5%, 0.9 percentage points lower than July's

The year-on-year inflation rate as measured by the Consumer Price Index (CPI) was 10.5 percent in August 2020, which is 0.9 percentage points lower than July 2020 the Ghana Statistical Service announced on Wednesday, 9 September 2020.

This rate of inflation for August 2020 is the percentage change in the CPI over the twelve-month period, from August 2019 to August 2020.

The monthly change rate for August 2020 is -0.4 percent.

The Food and Non-alcoholic beverages inflation rate recorded a year-on-year inflation rate for August is 11.4 percent, 2.3% lower than 13.7% recorded for July 2020.

Two subgroups recorded inflation rates higher than the group’s average rate of 13.7 percent, they are Vegetables (21.3%), Fish and other Seafood (14.3%) and this translates to Food being the predominant driver of year-on-year inflation in August.

The Non-Food group recorded a year-on-year inflation rate of 9.9 percent in August 2020.

The Non-Food inflation for August 2020 is 0.2 percentage point higher than the 9.7 percent recorded for July 2020.

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