Inflation for May 2023 rises to 42.2% after four consecutive declines

Inflation for the month of May 2023 rose to 42.2% from the 41.2% recorded in April 2023.

This upward trend can be primarily attributed to a significant spike in food inflation during this period.

According to the Ghana Statistical Service, food inflation experienced a notable surge, jumping from 48.7% in April 2023 to 51.8% in May 2023. On the other hand, non-food inflation witnessed a decline, dropping from 35.4% in April to 34.6% in May 2023.

The announcement was made by the Government Statistician, Prof. Samuel Kobina Annim, in the Ashanti regional capital, Kumasi.

Prof. Annim highlighted that the contribution of food inflation to the overall national inflation rate was the highest it had been in 17 months.

Giving a breakdown of the figures, he said the main drivers of the May inflation are food and non-alcoholic beverages constituting 52.4%. Housing, Water, Electricity, Gas, and other fuels constituted 13.1%, and transport contributed 9.2%.

He said clothing and footwear recorded 6.4% while furnishings and household equipment had 4.4%. Insurance and financial services constituted the lowest with 0.1%.

Prof. Annim stressed that the data from the Ghana Statistical Service is credible as extensive research went into it before figures were churned out.

He also described Greater Accra as the most expensive region in the country.

Source: newsalertgh.com