Prime News Ghana

Inflation rate for May rises to 11.3%

By PrimeNewsGhana
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The continuous rise in prices of food items pushed Ghana’s inflation up to 11.3% in May 2020.

This means that between May 2019 and the same period in 2020, the prices of items have increased by 11.3%.

This figure is also 1.7 percentage points higher compared to the 10.6% inflation recorded in April 2020.

The Government Statistician, Prof. Samuel Kobina Annim, explained that the rise has also been triggered by the increase in food prices before and during the partial lock-down period which spanned for three weeks in April.

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.

READ ALSO : Inflation rate for April hits 10.6%

Prof. Anim 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.”