June Inflation Stands At 42.5%
The Consumer Price Inflation (CPI) for June 2023 has risen yet again to 42.5%, the Ghana Statistical Service (GSS) has reported.
This marks a marginal rise in CPI as May 2023 recorded a rate of 42.2%.
Food inflation increased from 51.8% to 54.2% in June whereas non-food inflation increased from 34.6% to 33.4%.
Locally produced items recorded an inflation of 35.9% with imported items’ rate staggering at 44.5%.
In the month under review, the GSS records show that personal care, social protection and miscellaneous goods and service; Furnishing, household equipment and routine household maintenance; Food and non-alcoholic beverages; Housing electricity, water, gas and other fuel; and alcoholic beverages, tobacco and narcotics fueled the national inflation rate.
These recorded rates higher than the national average.
In May, when inflation in Ghana saw a surge for the first time since November 2022, the Minister for Finance, Ken Ofori Atta attributed it to the review of water and electricity tariffs in the country.
At a press conference on June 18, he said despite the rise, a deceleration was expected later on.
“The relative rise in inflation in May 2023 appears to reflect the pass-through effect of the Utility adjustment in April and the implementation of the new tax handles in May. We expect inflation to decelerate going forward.”
The Monetary Policy Committee of the Bank of Ghana is this week locked up in a three-day meeting to review developments in the economy and make monetary decisions based on the outcome.
It is not yet known if the Central Bank will upwardly review the rate of the inflationary tool which currently stands at 29.5% or will maintain it for the second time.
