Ghana's Inflation Rate Surges To Highest Rate Of 33.9% In More Than 20 Years

• Inflation in Ghana accelerated for the 15th straight month to 33.9% in August 2022, making it the highest in more than 20 years
• This is the country's highest inflation rate since 2001 despite the cedi largely stabilizing for some time now
• The drivers of the August inflation rate were food and transportation, with the Eastern Region topping the regional charts

Ghana's inflation rate accelerated for the 15th straight month to 33.9%.

That makes it the highest inflation rate recorded in the country since 2001.

According to data from the Ghana Statistical Service (GSS), the main drivers of the inflation rate were food and transportation.

Also, the rate of inflation on a monthly basis between July 2022 and August 2022 shot up by 1.9%.

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The figures from the GSS also revealed that food inflation rose by 32.3%, with non-food inflation hovering around 31.3%.

On a region-by-region inflation basis, the Eastern Region topped the charts with the country's highest rate of 41%, while the lowest rate of 22.8% went to the Upper East Region.

With the country's inflation rate now at 33.9%, Ghana joins the unenviable list of African countries with the highest inflation rates.

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

Earlier, YEN.com.gh reported that the GSS released inflation figures for June 2022, which showed that inflation peaked at 29.8%, compared to 27.6% in May this year.

At that time, that was the new inflation record for Ghana amid other poor macroeconomic figures.

In a press release at that time, the GSS said the inflation figures meant that: “In the month of June 2022, the general price level was 29.8% higher than June 2021.”

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Inflation: High Transport Fares And Rising Food Prices Push Ghana’s May 2022 Figures Further Up

In another earlier publication, YEN.com.gh reported that transport fare increases and rising food prices have pushed the rate of inflation for May 2022 to 27.6%.

According to the GSS, 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%).

Source: YEN.com.gh