Annual inflation surpassed the 30% mark, hitting 31.7% in July 2022, data from the Ghana Statistical Service shows.
This is the highest inflation rate since late 2003.
However, the inflation rate slowed during the month as inflation increased by 1.9% compared to June 2022 (29.8%).
According to the GSS, the increase in inflation was again caused by transport (44.6%); housing, water, electricity, gas and other fuels (43.0%); furnishings, appliances and routine household maintenance (42.0%); leisure, sport and culture (33.8%); Personal care, social protection and other goods and services (33.7%) and food and non-alcoholic beverages (32.3%).
In fact, six divisions recorded inflation rates above the national average.
Food inflation increased from 30.7% in June 2022 to 32.3% in July 2022.
Non-food inflation also shot up to 31.3% in July 2022 from 29.1% in the previous month.
Similarly, inflation for locally produced items was 30.9%, while inflation for imported items was 33.9%.
For the food group oils and fats (67%); fish and other seafood (42.9%); water (42.4%); cereal products (40.0%); milk, dairy products and eggs (39.7%); fruit and vegetable juices (37.7%); Livestock and meat (34.5%) and sugar and desserts (32.7%) recorded higher inflation rates than food inflation of 32.3%.
On a monthly comparison, the inflation rate between June 2022 and July 2022 was 3.1%.
regional inflation
Regional Inflation
The Eastern region had the highest inflation rate at 38.1%, followed by Western and Greater Accra with inflation rates of 37.6% and 35.5% respectively.
The Upper East region had the lowest inflation rate at 19.8%.
The region with the lowest inflation rate was Upper East (15.7%), while Upper West had the lowest inflation rate for the non-food group at 21.2%.
On a quarterly basis, the average inflation rate increased by 10.7 percentage points. In the second quarter of 2022, it was 27.0% compared to 16.3% in the first quarter.
Prices for around 39,500 products are collected monthly. The price survey takes place in 44 markets.
