Ghana’s inflation rate stood at 31.7% in July, 2022. These are the major contributors.

According to data from the Ghana Statistical Service, annual inflation surpassed the 30% threshold to reach 31.7% in the month of July 2022.

Since late 2003, this inflation rate is the highest that has been noted.

While inflation increased by 1.9% over June 2022’s rate of 29.8% in the month under review, it did so at a slower rate.

Transport (44.6%), Housing, Water, Electricity, Gas, and Other Fuels (43.0%), Furnishings, Household Equipment, and Routine Household Maintenance (42.0%), Recreation, Sport, and Culture (33.8%), Personal Care, Social Protection, and Miscellaneous Goods and Services (33.7%), and Food and Non-Alcoholic Beverages (32.3%) were the main contributors to the increase in inflation, according to the GSS.

In fact, six divisions had inflation rates that were higher than the country as a whole.

Housing, Water Electricity, Gas and Other Fuels43.03.8
Furnishings, Household Equipment and Routine Household Maintenance42.02.9
Recreation, Sport and Culture33.83.1
Personal Care, Social Protection and Miscellaneous Goods and Services33.72.8
Food an Non-Alcoholic Beverages32.33.3
Clothing and Footwear24.71.9
Alcoholic Beverages, Tobacco and Narcotics21.21.4
Restaurants and Accommodation Services20.91.5
Informationand Communication14.31.2
Insurance and Financial services5.30.2
Education Services5.11.6

Food prices increased from 30.7% in June 2022 to 32.3% in July 2022.

Once more, non-food inflation soared, rising to 31.3% in July 2022 from 29.1% the month before.

Similar to how inflation for locally manufactured goods was 30.9% while it was 33.9% for imported goods.

Oils and fats (67%), fish and other seafood (42.9%), water (42.4%), cereal products (40.0%), milk, dairy products, and eggs (39.7%), fruit and vegetable juices (37.7%), live animals and meat (34.5%), and sugar and desserts (32.7%) all had inflation rates that were higher than the 32.3% recorded for the food group.

Month-on-month inflation between June 2022 and July 2022 was 3.1%.

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