Ghana’s inflation rate for the month of May 2020 increased to 11.3 percent from 10.6 percent recorded in April 2020.The consumer price index (CPI), which measures inflation showed that the increase over the April figure was 0.7 percent, according to Professor Samuel Annim,
Ghanaian Government Statistician.
Local media reports said that Prof. Annim, who released the May CPI virtually from Accra, on Wednesday stated that the inflation rate for May reflected the impact of the raging Coronavirus pandemic on the general price levels of goods and services in the country.
The reports noted that the month-on-month inflation between April and May this year was 1.7 percent, while 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.
“This translates to food being the predominant driver of year-on-year inflation,” Prof. Annim said.
The GSS explained that inflation of imported goods was 4.8 percent as against 14.1 percent for local goods on average, representing the highest rate of local inflation and the lowest rate of imported goods inflation since the rebasing in August 2019.