Business & Finance

GSS: March Inflation Is 19.4%

The Ghana Statistical Service (GSS) has announced the National inflation rate for March 2022 is 19.4%, against an inflation rate of 15.7% in February 2022.

This means that the Month-on-month inflation between February 2022 and March 2022 was 4.0%.

Food inflation was 22.4%, Non-food Inflation was 17.0%, Inflation for locally produced items was 20.0% and Inflation for imported items was 17.3%, it relayed.

The year-on-year inflation disaggregation focused on thirteen items including Transport; Food and Non-alcohol; Housing, Water, Electricity, Gas; Household equipment and maintenance; Recreation, Sports and culture; Personal care and Miscellaneous Goods; Information and Communication; Restaurants and Accommodation Services; Clothing and Footwear; Alcoholic Beverages, Tobacco and Narcotics; Health; Insurance and Financial Services; Education.

The rate of inflation for Transport (26.6%) surpasses both Food and Non-Alcoholic Beverages (22.4%) and Housing, Water, Electricity and Gas (21.4%). All three record inflation rates higher than the national average (19.4%), the GSS noted.

“Transport (8.5%) recorded the highest rate more than twice the national month-on-month inflation (4.0%) and food and non-alcoholic beverages had the second-highest of 4.5%.

“Insurance and Financial Services (0.5%) recorded the least month-on-month inflation.

With the food division and on a Year-on-Year basis, five subclasses including Oils and Fats, Water, Cereal Products, Vegetables and Fish and Other SeaFood recorded rates higher than the national average (22.4%).

Also on a Month-on-Month basis, seven sub-classes including Fruits and Nuts; Fish and Other Seafood; Vegetables; Fruit and Vegetable Juices; Milk, dairy Products and Eggs; Oils and Fats; and Sugar and Desserts, recorded rates higher than the national average (4.5%).

Regionally, the Brong Ahafo Region recorded the highest inflation rate (23.1%) followed by the Northern Region with 22.0%, Greater Accra region (21.7), Upper West region (20.0), Ashanti region (18.7%), Eastern region (18.6), Central region (17.2), Volta region (16.9), Western region (14.8%) and Upper East region with the least inflation rate (12.5).

Highlights of March Inflation. Source: GSS
Regional Inflation. Source: GSS

Source: Fuseini

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