GSS: May Inflation Climbs To 27.6%

The Ghana Statistical Service (GSS) has said Consumer Price Inflation (CPI) has increased from 23.6% in April to 27.6% in May.

The GSS says month-on-month inflation between April 2022 and May 2022 was 4.1%.

This shows that month-on-Month inflation reduced by 1.0 percentage points (from 5.1% to 4.1%).

Regionally, the Eastern Region had the highest inflation rate with 31.2%, Greater Accra 29.7%, Central 28.0%, Ashanti 27.1%, Western 26.9%, Bono Ahafo 26.1%, Northern 24.7%, Upper West 22.1%,Volta 21.1%, and Upper East 19.5%.

Also, May food inflation was 30.1% with a non-food Inflation of 25.7%.

“Between April and May 2022, food Inflation went up by 3.5 percentage points and Non-food Inflation 4.4 percentage points. Food inflation for May 2022 relative to the rolling average for the period June 2022 to May 2022 has more than doubled”.

Regionally, the highest food inflation was recorded in the Upper West (35.4) followed by the Central region (35.1), Eastern (32.7), Western (31.4), and Ashanti (30.6).

Focusing on year-on-year food inflation for May 2022, five subclasses recorded inflation rates higher than the overall food inflation (30.1%). This was led by Oils and Fats (52.0%), followed by Water (42.4%).

On a month-on-month basis, three subclasses recorded inflation rates higher than the overall inflation (4.0%). This was led by Oil and Fats (6.5%) followed by Vegetables (5.4%) and Cereal Products (5.3%).

The highest non-food inflation was recorded in Greater Accra (30.0)

The GSS says while inflation for imported items was 28.2%, inflation for locally produced items was 27.3%.

This means imported inflation sustained its dominance over domestic inflation (27.3%) with a margin of 0.9 percentage points.

Source: opemsuo.com/Hajara Fuseini