Business & Finance

December Inflation Hits 54.1%

The inflation rate for December 2022 is 54.1%, according to data from the Ghana Statistical Service (GSS).

This is up from the 50.3% recorded in November.

The average rate for December was driven by Housing, Water, Electricity, Gas and Other Fuels; Furnishings, Household Equipment; Transport; Personal Care, Social Protection and Miscellaneous Goods and Services; and Food and Non-Alcoholic Beverages.

Food inflation increased to 59.7% from 55.3%.

On the other hand, non-food Inflation was 49.9% compared to 46.5 % in November.

Whereas inflation for locally produced items was 51.1% that of imported items was 61.9%.

Regional Inflation
The Greater Accra region has overtaken the Eastern Region in inflation.

In November 2022, the Eastern region at a rate of 63.3% was in the lead but per statistics from the GSS, Greater Accra in December saw an inflation rate of 66.7% with the former recording 64.1%.

They are followed by the Bono region at 60.3%, Central at 59.5%, Savannah at 59.3%, Oti at 50.9%, Bono East at 49.5%, Western North at 48.5%, North East at 48.4%, Ahafo at 47.6%, Western at 46.5%, Ashanti at 45.1%, Upper East at 43.6%, Northern at 40.5% and Upper West at 39.5%.

The lowest inflation rate was recorded in the Volta region at 35.6%

For food inflation, the Bono region recorded the highest at 76.3%.

The least was recorded in the Volta region at 37.6%.


Source: Fuseini

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