Inflation rises to reach 19 year-record of 29.8%

Headline inflation rate for the month of June 2022 rose by 220 basis points [2.2%] to reach 29.8% – the highest record rate in the last 19 years.

According to the Ghana Statistical Service [GSS], month-on-month inflation between May 2022 and June 2022 was 3.0%.

Increment in transport fares and food were among the main drivers of the inflation for the month of June 2022.

Per data made available by the GSS, inflation rates for the transport, utility, food were; Transport (41.6%), Household Equipment and Maintenance (39.6%), Housing, Water, Electricity and Gas (38.4%), Personal Care and Miscellaneous Goods (31.7%), Recreation, Sports and Culture (31.3%) and Clothing and Footwear (3.3%)} recorded inflation rates higher than the national average (3.0%).

Food and non-alcoholic beverages (30.7%)} out of the 13 divisions recorded inflation rates higher than the national average (29.8%).

Food and Non-Food inflation

On a year-on-year basis, the difference between food inflation (30.7%) and non-food (29.1%) was 1.6 percentage points.

On a month-on-month basis, non-food inflation recorded a higher rate of 3.6% relative to food (2.3%), leading to a 1.3 percentage point difference.

The percentage point increase in non-food inflation (3.4%) between May and June 2022 is higher than food inflation (0.6%).

Regional breakdown

Central Region recorded the highest food inflation (40.9%) and Eastern Region, had the highest non-food inflation (35.5%).

The Eastern Region recorded the overall highest inflation (35.8%) followed by Western Region (33.9%) and Central Region (31.6%). While Greater Accra recorded the fourth-highest rate of inflation 30.9%.

Meanwhile, he percentage point difference between inflation for imported items (31.3%) and locally domestic items (29.2%) was 2.1%.