August 10, 2022

Ghana’s Inflation Hits 31.7%

The Ghana Statistical Service (GSS) has announced the country’s year-on-year inflation rate has risen from 29.8% in June 2022, to 31.7% in July 2022.

Food inflation surpassed the national inflation and pegged at  32.3% while Non-food Inflation was 31.3%.

Inflation for locally produced items was 30.9% whereas imported items recorded 33.9% inflation.

The July 2022 inflation was driven by Transport (44.6%); Housing, Water Electricity, Gas and Other Fuels (43.0%); Furnishings, Household Equipment and Routine Household Maintenance (42%); Recreation, Sport and Culture (33.8%); Personal Care, Social Protection and Miscellaneous Goods and Services (33.7%) and Food and Nonalcoholic Beverages (32.3%).

Records from the GSS also showed Clothing and Footwear recorded 24.7; Alcoholic Beverages, Tobacco and Narcotics 21.2%; Restaurants and Accommodation Services 20.9%; Information And Communication 14.3; Health 14.1%; Insurance and Financial services 5.3%; and Education Services 5.1%.

Regionally, the Eastern region leads inflation at a rate of 38.1% followed by the Western region at a rate of 37.6%, Greater Accra region 35.5%, Central 33.0%, Bono Ahafo 29.4%, Upper west 28.1%, Volta region 26.7%, Ashanti region 25.5%, Northern 25,0% and Upper East 19.8%.

Source: Fuseini

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