The continuous increase in prices of food items pressed Ghana’s rising cost of living up to 11.3% in May 2020.
This implies that between May 2019 and also the very same duration in 2020, the prices of things, i.e Inflation have increased by 11.3%.
This number is additionally 1.7 portion points greater contrast to the 10.6% rise recorded in April 2020.
The Government Statistician, Prof. Samuel Kobina Annim, explained that the increase has actually additionally been activated by the increase in food costs prior to as well as during the partial lockdown duration which extended for 3 weeks in April.
ALSO READ: BoG publishes no dividend for 2019 despite GH¢1.8bn profit
He however indicated that there has been a marginal decline in the contribution of food prices to the overall inflation figure.
“In terms of contribution to year on year inflation, we see food as the major contributor, contributing about 56 percentage points. In April 2020, we saw food inflation contributing close to 60%, so the contribution of food has slowed down in May 2020,” he told journalists at a meeting to announce the inflation figures.
Prof. Annim added that “Although food continues to dominate in terms of its contribution, between April and May 2020, we see a slight drop. At the disaggregated level, we see food inflation recording a 15.1% rate of inflation relative to the 11.3% rate of inflation that we recorded for both food and non-food inflation.”
