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Product prices increased by 4.2% between April and May – Report

The prices of products increased in all localities by an average of 4.2% due to the occurrence of the COVID-19 pandemic.

This is according to a recent survey dubbed, the Local Economies Tracker, conducted by the Ghana Statistical Service (GSS) on the impact coronavirus had on local economies.

The survey, conducted in May and June, proved that the prices of products in all localities increased by an average of 4.2% in as much as there was a variation of reasons and conditions in various districts in the country.

This increase in prices influenced the inflation rates of May and June, which stood at 11.3% and 11.2% respectively.

According to the survey, food and non-alcoholic beverages recorded the highest price increase, that is 4.8%, followed by transport with 4.1% and alcoholic beverages, tobacco and narcotics rising by 4.0%.

The Government Statistician, Prof Samuel Kobina Annim gave more insight as to how these figures came about.

Prior to the announcement of the first cases of coronavirus in Ghana on March 12, 2020, consumer price inflation in the country had remained fairly stable for months recording 7.8 percent from January to March.

The annual inflation however jumped to 10.6% in April from the 7.8% in March, driven by higher food and commodity prices due to a rush for items, in areas affected by the government ordered lockdowns.

After witnessing general rises in the following months, with July recording an inflation of 11.4%, the month of August recorded a much lower inflation rate of 10.5%.

 

Source:Fiilafmonline/CitiBuss 

 

 

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