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 Fuels||43.0||3.8|
|Furnishings, Household Equipment and Routine Household Maintenance||42.0||2.9|
|Recreation, Sport and Culture||33.8||3.1|
|Personal Care, Social Protection and Miscellaneous Goods and Services||33.7||2.8|
|Food an Non-Alcoholic Beverages||32.3||3.3|
|Clothing and Footwear||24.7||1.9|
|Alcoholic Beverages, Tobacco and Narcotics||21.2||1.4|
|Restaurants and Accommodation Services||20.9||1.5|
|Insurance and Financial services||5.3||0.2|