Ghana Records 19.4% Inflation: Transport Fares, Food Prices Push Figure To 13-Year High

Ghana Records 19.4% Inflation: Transport Fares, Food Prices Push Figure To 13-Year High

  • Ghana has recorded the highest inflation since March 2009 for March 2022, the Ghana Statistical Service has said
  • The March 2022 inflation has been given as 19.4% compared to 15.7% in February and 13.9% in January 2022
  • The price of foodstuffs and transport fares, including fuel prices, dominated the March 2022 inflation figures

PAY ATTENTION: Click “See First” under the “Following” tab to see YEN.com.gh News on your News Feed!

Ghana's March 2022 inflation figure rose to a staggering 19.4%, driven significantly by high transport fares, and fuel and food prices, the country's highest in 13 years.

In February, Ghana's annual inflation rate accelerated for the ninth consecutive month to 15.7% from 13.9% in January 2022.

According to data released by the Ghana Statistical Service (GSS) on Wednesday, April 13, 2022, for March this year, foodstuffs like oil and fats recorded a 28.2% inflation, while water recorded a 27.1% inflation.

Read also

Government piles up more public debt; plans to borrow GH¢4.5bn from April to June

Inflation foodstuff
March 2022 inflation figure of 19.4% is the highest since 2009. Source: Getty Images
Source: Getty Images

Also, cereal products recorded a 25% inflation, vegetables - 23.8%, fish and other seafood - 23.7%; fruits and nuts - 22.1%; soft drinks - 20.5%; and live animals and meat - 20.2%.

Download YEN's news app on Google Play now and stay up-to-date with all major Ghana news

These food products recorded an inflation rate higher than the national average, according to the GSS.

Food recorded an inflation rate of 22.4% in March 2022, compared to 17.4% in February 2022.

Furthermore, non-food inflation recorded a rate of 17.0% in March 2022, from 14.5% recorded in February 2022.

Transport, including fuel prices, saw the highest inflation rate of 27.6%. This is followed closely by Housing, which recorded an inflation rate of 21.4%.

Causes Of Inflation In Ghana

Inflation is the rate at which prices of commodities keep rising. When the amount is hiked, each unit of the available currency buys fewer items. In turn, the purchasing power of money drops.

Read also

Cedi records 18.21% depreciation to dollar in Q1 - Bloomberg

Like many other countries around the world, causes of inflation in Ghana are linked to an increase in the price of commodities, with no increase in the consumer’s income.

Many people do not have an idea the causes of inflation or even what inflation is.

They just wonder why sometimes good and services are expensive.In this article we will tackle the causes of inflation and also define inflation.

Adongo Explains Why Bawumia Is Wrong to Blame Covid-19 And Ukraine-Russia War For Ghana's Economic Challenges

MP for Bolgatanga Central, Isaac Adongo, has said he is surprised that Vice President, Dr Mahamudu Bawumia, has joined the fray to wrongly blame Covid-19 and the Ukraine-Russia war for Ghana's economic challenges.

According to him, the Covid pandemic and the less-than-one-month Ukraine-Russia war only took advantage of pre-existing negative conditions in the economy.

He told a packed room of NDC youth at a forum on Monday, April 11, 2022, that a recent lecture by Dr Bawumia on Ghana's economic challenges was full of deceit and cooked economic figures.

Read also

Inflation hits 'pure water' from 30p to 40p; one bag of sachet water now sells at GH¢8

Ghanaians Wail Over GH¢10 Per Litre For Diesel, Fear The Worst Is Yet To Come

Wednesday, March 16, 2022's fuel price increase has compelled some Ghanaians to take to social media to vent their frustration after diesel crossed GH¢10 per litre.

Many tweets and Facebook posts say there appears to be a bi-weekly hike in the price of the commodity.

At Total, diesel is currently selling at GHS10.80 per litre, while petrol sells at GHS9.70 per litre.

Source: YEN.com.gh

Online view pixel