Ghana’s annual inflation rate rose to 37.2% in September 2022 as the cost of living has gotten worse over the last year, data from the Ghana Statistical Service (GSS) shows.
In August 2022, inflation stood at 33.9%, at the time, the highest growth in prices recorded since 2021. According to GSS, inflation between August 2022 and September 2022 was 2.0%.
Here is the annual inflation rate over the last 12 months:
Ghana🇬🇠inflation hits 37.2 – The highest in 20 years pic.twitter.com/RfehHBz7sU
— BitKE (@BitcoinKE) October 14, 2022
- Food inflation (0.437) was 37.8%, indicating that prices of food have increased by that much in the last 12 months. Month-on-month food inflation stood at 2.2%
- Non-food inflation (0.563) was 36.8% on an annual basis while month-on-month prices of non-food items increased by 1.7%
- Inflation for locally produced items was 35.8% while imported items was 40.7%.
Besides food, lifestyle services are the main drivers for inflation since 2021 as was reported by the government service:
- Housing, water, electricity, gas, and other fuels have increased by 68.8%
- Furnishings, household equipment, and routine household maintenance increased by 51.5%
- Transport by 46.8%
- Personal care, social protection, and miscellaneous goods and services rose by 42.6%
- Food and non-alcoholic beverages by 37.8%
Some of the products that have become most expensive include:
- Water whose prices increased by 58.9%
- Milk and other dairy products, and eggs increased by 49%
- Cereals and cereal products rose by 48%
Out of the 16 regions, Greater Accra contributed more than a third to inflation in September 2022 distantly followed by Ashanti then Eastern@StatsGhana pic.twitter.com/Yy8z4I2pYh
— Samuel Kobina Annim (@GV_Statistician) October 13, 2022
Greater Accra region is responsible for 34.7% of the inflation, with the second region being Ashanti at 17.9%.
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