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

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

New feature: Check out news exactly for YOU ➡️ find “Recommended for you” block and enjoy!

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.

Ghana's inflation rate for August shot up to 33.9% making it the highest in more than 20 years
L-R: A photo of a market in Ghana; GSS boss Prof Samuel Kobina Annim and some cedi notes Image Credit: @dailygraphicghana/Facebook
Source: Getty Images

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%.

PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!

Read also

UK inflation eases from 40-year high

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.”

Read also

Asian stocks slump at open, tracking US losses after inflation report

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%).

New feature: Check out news exactly for YOU ➡️ find "Recommended for you" block and enjoy!

Source: YEN.com.gh

Authors:
Ekow Annan avatar

Ekow Annan Francis Ekow Annan writes for YEN.com.gh. He has been part of the Politics and Current Affairs Desk since August 2022. Ekow has over ten years of experience in news reporting via various multimedia channels, including TV, Radio, and Online. He is an experienced multimedia journalist specialising in telling impactful current affairs, politics and business stories. He holds a BA in Communications (Strategic Communications) from the prestigious African University College of Communications (AUCC).