Inflation rates recorded each month have differential impacts on households – Statistical Service

The Government Statistician, Professor Samuel Annim has said inflation rates that are recorded each month have differential impacts on household depending on the basket of items purchased by each household.

Given households’ taste, disposal income and availability of alternatives, he said, the basket of items purchased can be varied in response to the soaring prices.

He said these while announcing the rate of inflation for July 2022 which stands at 31.7 per cent.

The new rate is up from the 29.8 per cent recorded in June.

On year-on-year basis, the difference between Food inflation (32.3%) and Non-food (31.3%) was 1 percentage points.

On month-on-month basis, food inflation (3.3%)  records a higher rate than non-food (3.0%), leading to 0.3 percentage point difference.

The percentage point increase in Non-food inflation (2.1) between June and July 2022 is higher than food inflation (1.6).

The percentage point difference between inflation for imported items (33.9%) and locally domestic items (30.9%) was 3%.

Source: 3news.com|Ghana