Inflation for Made-in-Ghana goods rises to 14.1% following ban on imports - Report

Inflation for Made-in-Ghana goods rises to 14.1% following ban on imports - Report

- Inflation for locally-produced goods increased to 14.1% in May 2020, the GSS has revealed

- It explained that inflation primarily resulted from the closure of borders and the ban on imported goods

- The GSS has called for a review of fuel prices in order to lessen the burden on consumers

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The Ghana Statistical Service (GSS) has revealed that inflation for locally-produced goods has surged to 14.1% in May 2020

YEN.com.gh understands that this is the highest level it has reached since the rebasing of the calculation for Ghana’s inflation in August 2019.

The GSS noted that this was the result of a fall in imports since March 2019, when the government banned international travel in a bid to contain the spread of COVID-19.

Inflation for Made-in-Ghana goods rises to 14.1% following ban on imports - Report

Professor Kobina Annim, Government Statistician Source: ucc.edu.gh
Source: UGC

READ ALSO: GSS predicts 10.8% inflation would not last long; gives reasons

The Government Statistician, Professor Samuel Kobina Annim, stated that he believes other factors such as fuel prices could be reviewed to reduce the cost of locally produced items.

This, he said, would reduce the burden on consumers, he explained.

Per a report by citibusinessnews.com, Professor Annim noted that “for both year on year basis and month on month basis we see food inflation driving overall inflation by 60% and 82.5% respectively. And obviously because the borders were closed and locally produced items were surging up we saw higher increases in locally produced items.”

YEN.com.gh understands that the partial lockdown instituted in Ghana as a result of the outbreak of COVID-19 influenced supply and production of some items in the country.

Meanwhile, the Ghana Statistical Service (GSS) has revealed that the Producer Price Inflation (PPI) for April 2020 increased to 7.4%.

This is a 0.6% point increase compared to the March 2020 rate which was recorded as 6.8%.

The PPI is a measure of the average change over time in the prices received by domestic producers for the production of their goods and services.

READ ALSO: Per capita income has slightly fallen; no change in living standards since 2019 - GSS

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