According to the most recent Ghana Statistical Service (GSS) data, the national year-on-year inflation rate in March 2021 was 10.3 percent. However, month-on-month inflation was 0.9 percent between February and March.
The contribution of food inflation to total inflation in March was 46.3 percent, the lowest since February of last year.
“Food inflation was 10.8 percent this month, which was lower than the previous month’s 12.3 percent and the previous year’s average of 12.8 percent. As a result, food inflation’s contribution to overall inflation falls to 46.3 percent, the lowest level since February 2020. Overall, food inflation was 0.2 percent month on month. Only Education Services experienced no improvement between February and March 2021, while all other Divisions experienced positive month-on-month inflation”, said Government Statistician, Professor Samuel Annim, at a press conference in Accra.
According to Prof. Annim, the Greater Accra Region maintained the highest rate of inflation while the Volta Region on the other hand recorded the lowest.
“At the regional level, the overall year-on-year inflation ranged from 5.3% in the Volta Region to 17.0% in Greater Accra Region. Only in the Greater Accra Region (11.5% Food inflation and 21.0% Non-Food inflation) that Non-Food outpaced Food inflation. The largest difference in Food and Non-Food inflation was again recorded in Eastern Region (14.7% and 1.7% respectively). Overall, year-on-year inflation went up in four regions compared to last month”, he added
Every month, prices for approximately 39,500 items are collected.
Prices are collected in 44 markets. Prices are gathered from 7,726 various locations.
Products are organized into 13 Divisions, 44 Groups, 98 Classes, 156 Subclasses, and 307 objects that are tracked for review.