Ghana's annual inflation rate accelerated for the sixth consecutive month to 11.4 percent in July, from 11.2 percent in June, as the weakening of the Cedi against the US dollar continues to hurt cost of imported food.
Year-on-year, prices of food and non-alcoholic beverages rose 6.7 percent in June, 0.3 percentage points higher than the 6.4 percent recorded in June. Prices of oil and fats and sugar, jam, honey, syrups, chocolate and confectionary recorded the highest increase (up by 12.8 percent, respectively), followed by cost of and milk, cheese and eggs (+11.9 percent). Cost of fruits recorded the lowest rate of -1.1 percent.
The non-food group, on the other hand recorded a year-on-year inflation rate of 14.1 percent in July, compared to 14.0 percent recorded in June. Housing, water, electricity, gas and other utilities recorded the highest rate of 19.2 percent, followed by Hotels, cafes and restaurants (+15.2 percent), Transport (+15.0 percent) and Furnishing, household equipment (+14.8 percent). Inflation was lowest in the Communications subgroup (0.4 percent).
On a month-over-month basis, inflation rate slowed to 0.9 percent, from 1.7 percent in June.
8/15/2013 5:45:06 PM