Inflation Rate Rises For Second Consecutive Month: Economic Hardship In Ghana To Continue

Inflation Rate Rises For Second Consecutive Month: Economic Hardship In Ghana To Continue

  • Ghana's inflation rate has risen for the second successive month, according to the Ghana Statistical Service
  • Prices of goods and services in June 2023 rose to 42.5% after the May 2023 figure of 42.2%
  • Food inflation increased to 54.2% in June 2023 after a figure of 51.8% in May 2023.

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Prices of goods and services continue to rise in Ghana, with the inflation rate for June 2023 hitting 42.5%.

The current inflation rate increased from the May figure of 42.2% as prices rose by 3.2% in June.

Ghana's statistician delivers inflation figures for June 2023
The Government Statistician Samuel Kobina Annim (L) noted that food inflation saw the highest rise in June Source: Facebook/@GhanaStatisticalService
Source: Getty Images

The inflation rate is the highest in three months, after some decreases earlier in the year.

The Government Statistician Samuel Kobina Annim announced to the media.

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Food inflation increased to 54.2% from 51.8% in May, while non-food inflation reduced to 33.4% from 34.6%.

Housing inflation increased to 11% and while transport inflation increased to 8%.

The International Monetary Fund (IMF) recently agreed to support Ghana with a $3 billion support package and the economy was showing signs of stabilising after months of economic crisis.

Ghanaians' sweating over fuel prices

Fuel prices are known to drive inflation in Ghana.

YEN.com.gh has in the past reported on how Ghanaians have complained about the record increases in fuel prices.

Fuel prices reached as high as GH¢20 in 2022 but have dropped to about GH¢12 over the course of 2023 so far.

High food inflation in Ghana

At some point in 2020, the World Bank ranked Ghana as the country with the highest food prices in Africa.

The World Bank, in its October 2022 Africa Pulse report, said Ghana’s high food prices were due to the Russian-Ukrainian war.

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The war was noted to have led to hikes in food prices for countries that rely on grain from Russia and Ukraine.

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Source: YEN.com.gh

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