The Ghana Statistical service (GSS) has revealed that food recorded the lowest inflation rate for the month of September.
Prices of imported goods (40.7 %) have increased rapidly than domestic items (35.8%) due to the falling cedi according to the GSS
The recent increase in prices of goods and services and prices of fuel have deepened the economic woes of citizens in the country.
The GSS also revealed that an upward pressure came mostly from prices of housing & utilities (68.8%); transport (46.8%) and food products (36.8%) with food recording the lowest inflation for the third consecutive time since July.
Breakdown
Housing, Water, Electricity, Gas and Other fuels (68.8%); Furnishings, Household Equipment and Routine Household Maintenance (51.1%); Transport (46.8%); Personal Care, Social Protection and Miscellaneous Goods and Services (42.6%) as well as Food and Non-Alcoholic Beverages (36.8%).
Throwing further light on food inflation on a year-on-year basis (36.8%) for September 2022, ten (10) subclasses recorded higher rates.
This was distantly led by Water, followed by Milk, Other Dairy Products and Eggs and Sugar Confectionery and Desserts.
To validate the above data, President Akufo-Addo during his address to the Nation on the economy, on 30th October, 2022 indicated that, the increasing cost of living which is the number one concern for all citizens is driven by fast escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and the Country’s depreciating currency.
Ghana’s annual inflation rate for September is 37.2%.