June Inflation For Ghana Peaks At 29.8% According To Ghana Statistical Service Data

• The Ghana Statistical Service (GSS) has released inflation figures for June 2022, showing another record-breaking figure
• Inflation for June 2022 has been given as 29.8%, breaking a January 2004 inflation record of 29%
• Just like in May 2022, June's inflation has been driven by high fuel and food prices

The Ghana Statistical Service (GSS) has released inflation figures for June 2022, showing that inflation peaked at 29.8%, compared to 27.6% in May this year.

This is a new inflation record for Ghana amid other poor macroeconomic figures. The last time Ghana’s inflation reached 29% was in January 2004.

In a press release, the GSS said June 2022’s inflation figures mean that:

“In the month of June 2022, the general price level was 29.8% higher than June 2021.”

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June 2022’s inflation has been driven by fuel price, which saw price growth of 41.6%. Diesel saw 99.7% year-on-year inflation while petrol prices were up 69.4%. Bread prices were up 44.5%.

Water and electricity saw a 38.4% increase in price, and food inflation rose to 30.7%.

High transport fares and rising food prices also pushed May 2022's inflation up

YEN.com.gh reported in a related story that inflation figures for May 2022 revealed that transport fare increases and rising food prices pushed the rate of inflation to 27.6%.

According to the Ghana Statistical Service, the rate of inflation for Transport (39.0%), Household Equipment & Maintenance (33.8%), Housing, Water, Gas & Electricity (32.3%), and Food & Non-Alcoholic Beverages (30.1.6%) were higher than the national average (27.6%).

In April 2022, the inflation rate was 23.6%.

Inflation measures the increase in the prices of the goods and services that households buy. It is measured as the rate of change in those prices.

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Ghana’s inflation figures under Nana Akufo-Addo’s government in recent months show a steady rise in the prices of goods and services. This means Ghanaians would typically need more cash to be able to purchase the same quantity of goods.

Source: YEN.com.gh