Inflation hits 27.6 per cent for May as government loses grip on fundamentals
With Ghana struggling to tackle its economic woes, one of them that needs to be looked at is the inflation rate which has increased again to 27.6 per cent in May.
This reflects a four percentage point upward adjustment in the inflation rate compared to the 23.6 per cent recorded in April 2022.
Month-on-month inflation, however, dropped by one per cent to a record 4.1 per cent in May 2022 as against the 5.1 per cent in April 2022.
This was revealed in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday, June 8, 2022.
The data points out that, food inflation rose again to a record 30.1 per cent compared to 26.6 per cent recorded in April.
Meanwhile, non-food inflation stood at 25.7 per cent in May, compared to 21.3 per cent recorded in the previous month with the month-on-month non-food inflation standing at 4.1 per cent.
GSS also noted that this is the second time in 29 months that inflation for imported items exceeded domestic inflation.
Whilst inflation for locally produced items was 27.3 per cent, inflation for imported items stood at 28.2 per cent in the month under review.
The figures for transport for the month of May is 39% the highest among the 14 divisions recorded and a yearly average of 19.7% which is only second to the yearly average for Housing, Water, Electricity and Gas which posted a month-on-month figure of 32.3% to place third just below Household Equipment and Maintenance which placed second with 33.8%. Insurance and Financial Services posting the lowest for the month with 3.1% and a yearly average of 5.4%
