The rate of inflation has begun recording an increase after a downward trend. Annual inflation for the month of August for this year was 8. 41 percent a rise of 0. 02 percentage points over that of July 2011 which was 8. 39 percent.
The rate of inflation has stabilized at the single digit level since June 2010 ranging from 8. 39 percent to 9. 52 percent. The lowest single digit rate in the period under consideration was recorded in July.
The year started with an inflation rate of 9. 08 percent but begun soaring in February before declining continuously to 8. 39 percent in July and moving up in August. Analysts say the rate will continue to rise following the increase in utility prices and the public sector wage bill.
According to Government statistician Dr. Grace Bediako, “it is hard to say with the slight increase that this is going to be the trend.
“August, September and October are the months with the negative food inflation, in some cases it is substantial but you see that in the other years, the negative inflation was not as substantial”.
Source: citifmonline.com
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