Ghana’s inflation rate for March 2021 was unchanged at 10.3 percent, according to Professor Samuel Kobina Annim, the Ghanaian Government Statistician.
This was in contrast to Cordros’ estimate of 10.35% y/y and Bloomberg’s average consensus forecast of 10.22% y/y for the month of March.
The report of the Consumer Price Index, which measures inflation, showed that month-on-month inflation between February 2021 and March 2021 was zero and inflation rate for March 2021 was unchanged at 10.3 percent.
It explained that the month-on-month inflation between February 2021 and March 2021 was 0.2 percent.
Local media reports on Friday, quoted Professor Kobina Annim as saying that the year-on-year variation between Food (10.8 percent) and Non-Food inflation (10.0 percent) narrowed to 0.8 percent, while the Month-on-Month non-food inflation exceeded food inflation by 12 percentage points.
The report noted that Housing, Water, Electricity and Gas, especially in Greater Accra, showed significant changes on a year-on-year and month-on-month basis for March 2021, while the difference between locally produced items (11.7 percent) and imported items (6.8 percent) dropped to 4.9 percent.
According to the report, the year-on-year food inflation in the Eastern Region surpassed Greater Accra Region by more than three percentage points.
The report added that Food contributed 46.3 percent to the total inflation, indicating the lowest, since February 2020.
GIK/APA