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Inflation will go up again in September 2022, Head of Insights of investment bank, I C Securities, Courage Martey, has disclosed.<\/p>\n
This follows a 2.2% increase in the year-on-year inflation to 33.9% in August 2022.<\/p>\n
According to him, the increase in utility tariffs which took effect from the beginning of this month will trigger a surge in inflation, a situation which will impact heavily on consumers.<\/p>\n
Mr. Martey tells Joy Business the situation will not change soon because the average price of necessary goods, particularly food and rent have gone up significantly. \u00a0<\/p>\n
He pointed out that the increase in utility tariff which took effect from September 1, 2022 will push inflation up in September 2022.<\/p>\n
\u201cInflation will go up again because utility tariff if you disaggregate the non-food component, it carries the biggest weight of over 10%. You find out that it carries more than just water, electricity and other fuel\u201d.<\/p>\n
\u201cSo not only do you have energy [transport] prices, you also have electricity tariff and water all together carrying a bigger weight in the inflation basket\u201d, he added.<\/p>\n
Historically, the rate of food inflation has been far lower than non-food inflation. However, the situation is not the same as today because of the Russian\/Ukraine war which has triggered increases of foodstuffs such as flour, rice, wheat and cooking oil.<\/p>\n
Mr. Martey said \u201con this particular occasion we are not so bullish on the quantum of food harvest and the situation has been worsened by the utility tariff hikes\u201d.<\/p>\n
He added \u201cinflation is very high for necessities looking at the basket [inflation] now. In that case individuals and institutions are spending more on necessary kids. The rising inflation will obviously push interest rate up to compensate investors.\u201d<\/p>\n
Transport, housing, food among drivers of September 2022<\/strong><\/p>\n The drivers of the September 2022 inflation were Housing, water electricity, gas and other fuels (46.7%); Transport (45.7%); Furnishings, household equipment and routine household maintenance (44.7); Recreation, sport and culture (36.4%); Personal care, social protection and miscellaneous goods and services (36.0%) and Food and Non-Alcoholic Beverages (34.0%).<\/p>\n There was however wide disparity observed across the 13 divisions.<\/p>\n Food inflation in the month of August 2022 was 34.4%, compared with 32.3% the previous month.<\/p>\n Inflation will go up again in September 2022, Head of Insights of investment bank, I C Securities, Courage Martey, has disclosed. This follows a 2.2% increase in the year-on-year inflation to 33.9% in August 2022. According to him, the increase in utility tariffs which took effect from the beginning of this month will trigger a […]<\/p>\n","protected":false},"author":1,"featured_media":1173711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[4345,367,6018,227,9257,7117,8172],"class_list":["post-1205593","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-analyst","tag-due","tag-hikes","tag-inflation","tag-september","tag-tariff","tag-utility"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1205593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1205593"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1205593\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1205593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1205593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1205593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}