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Transport, food prices push inflation to 29.8 %

Source The Ghana Report

Ghana’s inflation has soared again to hit 29.8 percent for the month of June 2022.

This represents a three percentage points increase in the inflation rate compared to the 27.6 percent recorded in May 2022.

This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday, 13 July 2022.

This is the highest recorded since December 2003.

At a presser in Accra, the Government Statistician, Professor Samuel Annim pointed out that transport, electricity, water, gas, and household equipment, among others, were mainly the drivers of the year-on-year inflation.

“The rate of inflation was once again driven by Transport (41.6%); Household Equipment and Maintenance (39.6%); Housing, Water, Gas and Electricity (38.4%); Personal Care and Miscellaneous (31.7%); Recreation, Sports and Culture (31.3%) and Food and Non-Alcoholic Beverages (30.7%). These items recorded inflation rates higher than the national average,” he said.

According to the figures, food inflation surged to 30.7% in June 2022, from 30.1% recorded in May 2022.

Non-food inflation also went up by 3.4% to 29.1% in June 2022.

Similarly, month-on-month inflation between May 2022 and June 2022 was 3.0%.

Whilst inflation for locally produced items was 29.2%, that of imported items was 31.3%.

The government statistician also noted that the Eastern Region recorded the highest rate of inflation among the regional differentials whereas the Upper East recorded the lowest.

“From the regional perspective we identified the Eastern Region recording the highest rate of inflation of 35.8 per cent and the Upper East Region the least inflation of 21 per cent,” he said.

The increasing inflation and rising cost of living prompted protests from some opposition groups such as the Arise Ghana, and the #Fix the country movement.

Currently, some labour unions are on strike to demand 20% cost of living allowances from the government.

The government on the other hand is in talks with the International Monetary Fund (IMF) to support the economy.

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