Inflation: Increasing Rate Of Ghana's Goods And Services Hits 37.2% Up From Last Month's Figure

Inflation: Increasing Rate Of Ghana's Goods And Services Hits 37.2% Up From Last Month's Figure

  • Ghana's inflation rate for the month of September 2022 has shot up to the 37.2% mark
  • The rate moved from the 33.9% figure recorded in August 2022, which was an almost 4% increase
  • The new figure released by the Ghana Statistical Service means Ghanaians will pay more for goods and services

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There appears to be no end in sight to the ever-soaring increments in goods and prices.

This follows the release of the September 2022 inflation rate.

Ghana's inflation rate for September 2022 has surged to 37.2 percent
Government Statistician Prof Samuel Kobina Annim; a market woman by her wares Image credit: @focusnewsroom
Source: Getty Images

According to the Ghana Statistical Service (GSS), the rate of inflation hit the 37.2% mark, up from last month's figure of 33.9%.

Despite numerous interventions by the Akufo-Addo-led government and the Bank of Ghana, there is currently no end to the inflation rate surge, which keeps defying those measures.

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The GSS also disclosed that food inflation hit 37.8% while non-food inflation accounted for 36.8%.

For locally produced items, the rate of inflation was recorded as 35.8%, whereas that of imported items was 40.7%.

Eastern Region Maintains Position As Region With Ghana's Highest Inflation

Giving a regional breakdown of the data, the Western Region topped the national charts as the region with the highest food inflation of 47.0%. The Eastern Region, on the other hand, came tops as the region with the highest non-food inflation of 42.0%.

Overall, the Eastern Region maintained its position as the region with the country's highest inflation (41.0%), followed closely by the Western Region (40.2%) and the Greater Accra Region (39.3%).

Implementation Of Utility Tariff Hikes Influences Surge In Inflation In Housing Sub-Category - GSS

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Also, five groups recorded inflation rates higher than the national average in September.

These include transportation (48.6%), personal care, social protection, and other miscellaneous goods and services (42.6%), as well as housing, water, electricity, gas, and other fuels (68.8%), furnishings, household equipment, and regular household maintenance (51.1%), and food and non-alcoholic beverages (37.8%).

The implementation of the utility tariff hike in September 2022 is said to have influenced the surge in inflation in Housing, Water, Electricity, and other Fuels group.

More than 90 percent of the sampled items recorded a price increase.

This means Ghanaians will have no choice but to continue to pay more for goods and services.

World Bank: Ghana Ranks 1st With Highest Food Inflation Of 122% In Africa

Earlier, reported that Ghana had been ranked number one by the World Bank as the country with the highest food prices in Africa.

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Food Inflation: Ghana beats Nigeria, Congo to rank 1st with highest price increases of 122% in Africa – World Bank report

The World Bank, in its October 2022 Africa Pulse report, disclosed that Ghana is the 1st on the list of countries in sub-Saharan Africa with the highest food inflation.

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