Inflation: Increasing Rate Of Ghana's Goods And Services Jumps To Record 54.1 Percent

Inflation: Increasing Rate Of Ghana's Goods And Services Jumps To Record 54.1 Percent

  • The increasing rate of goods and services in the country has hit a record 54.1 per cent
  • The figures which were released by the Ghana Statistical Service also revealed the main drivers of the high inflation rate in Ghana
  • There’s however some good news as the rate of increase in inflation slowed down for the month of December

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The Ghana Statistical Service (GSS) has released the inflation rate for December 2022.

According to data from the GSS, inflation shot up by 3.8% to end 2022 at a record 54.1%.

The increasing rate of Ghana's goods and services has jumped to a record 54.1 percent
A market woman behind her displayed wares Image Credit: @nassafuah

Inflation Still High Despite Strong Showing Of Cedi And Reduction Fuel Products

This comes despite the strong showing of the Ghanaian cedi coupled with a reduction in the prices of petroleum products.

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However, the rate of increase in inflation is said to have slowed down considerably even as there were recorded steep increases in food, transport and housing costs.

The month-on-month inflation rate was recorded at 3.8% in December 2022.

Food Inflation Surpasses National Inflation Rate For December

Food inflation surpassed the 55.3% figure for November 2022 to reach 59.7% in December 2022, making it the highest inflation rate for that month.

Inflation for locally produced items was 51.1% while that for imported items stood at 61.9%.

Addressing the media in Accra on Wednesday, January 11, 2022, the Government Statistician, Professor Samuel Kobina Annim also disclosed the main drivers of food inflation in the country.

He said on a year-on-year basis, water went up by over 94%, followed by fruit and vegetable juices at 84.6%.

The Bono region was classified as having the lowest inflation, at 35.6%, while the Greater Accra Region once again led the regional lists as having the highest inflation, at 66.7%.

The results show that five divisions had inflation rates that were higher than the national average.

These included transportation (71.42%), personal care, social protection, and other miscellaneous goods and services (60.94%), as well as housing, water, electricity, gas, and other fuels (82.34%), furnishings, and household equipment (71.52%), and food and non-alcoholic beverages (59.71%).

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

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

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.

The Food Price Index reported in sub-Saharan Africa said Ghana’s sharp prices are mainly due to the Russian-Ukrainian war, which has led to steep increments in food in several countries.

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