Food prices, and transport fares push May inflation to 27.6%
The rate of inflation for May 2022 has pushed to 27.6% due to the increase in transport fares and surging food prices, the Ghana Statistical Service has announced.
This is against 23.6% recorded in April 2022.
The Government Statistician, Professor Kobina Annim, explained that the rate of inflations for Transport (39.0%), Household Equipment and Maintenance (33.8%), Housing, Water, Gas and Electricity(32.3%) and Food and Non-Alcoholic Beverages (30.1.6%) were higher than the national average (27.6%).
In May 2022, 12 of the 13 divisions record inflation rates higher than the rolling average from June 2021 to May 2022.
The data showed that Food inflation in May 2022 was 30.1%, compared with 26.6% in April 2022. Non-food Inflation was however 25.7% in May 2022, as against 21.3% the previous month.
According to him, margins between food and non-food inflation was 4.4 percentage points relative to 5.4 percentage points for March 2022 and 5.3 percentage points for April 2022.
Focusing on year-on-year food inflation for May 2022, five sub-classes record inflation rates higher than the overall food inflation (30.1%).
This was distantly led by Oils and Fats (52.0%) followed by Water (42.4%), he added.
Imported goods recorded 28.2%, a figure higher than the 24.7% recorded for April 2022.
The inflation for locally produced items was 27.3%, up from the 23.0% recorded in April 2022.
At the regional level, Eastern Region recorded the least inflation rate of 19.5% while the Greater Accra region recorded an inflation rate of 29.7%, with the Ashanti region recording an inflation rate of 27.1%.