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.

Transport fares, food prices push inflation rate to 27.6% in May 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.

Transport fares, food prices push inflation rate to 27.6% in 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.

Transport fares, food prices push inflation rate to 27.6% in May 2022

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.

Transport fares, food prices push inflation rate to 27.6% in May 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%.

By: Rainbowradioonline.com/Ghana

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