April inflation shoots to 23.6% due to continuous increment in food prices & transport fares

The Consumer Price Index (CPI) data released by the Ghana Statistical Service has revealed that the national year-on-year inflation for April 2022 has shot up to 23.6 percent.

The release explained that this was caused by the continuous increase in food and transport prices across the country

The rate is 4.2 percentage points higher than the 19.4% recorded in March 2022.

The rise in the inflation rate for April 2022 is the highest recorded since the Ghana Statistical Service rebased the Consumer Price Index in August 2019.

“Four divisions – transport (33.5%); household equipment and routine maintenance (28.5%); food and non-alcoholic beverages (25.6%), and housing, water, electricity, gas and other fuels (25.0%) recorded inflation rates above the national average of 23.6% with transport recording the highest inflation,” a statement from the Ghana Statistical Service said.

The statement added that this is the first time in 29 months that inflation for imported items exceeded domestic inflation. Whilst inflation for locally produced items was 23.0%, inflation for imported items was 24.7%.

“The inflation for imported goods is higher than the 17.3% recorded for March 2022 while the inflation for locally produced items is 23.0% higher than the 20.0% recorded in March 2022.”

Food and Non-Alcoholic Beverages inflation was 26.6%, whereas Non-Food inflation stood at 21.3%.

April 2022’s food inflation of 26.6% is higher than both food inflation for March 2022 (22.4%) and the average of the previous 12 months (13.5%).

Non-food year-on-year inflation on average went up again in April 2022 compared to March 2022, that is from 17.0% to 21.3%.

Only one out of the 12 Non-food Divisions had the 12 months rolling average to be higher than the year-on-year inflation for April 2022 for the divisions. Transport is the Division that recorded the highest inflation in April 2022 (33.5%), the statement said.

By: Rainbowradioonline.com/Ghana

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