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Importers and Exporters fear that prices of goods could increase by 40% soon.

Sampson Asaki Awingobit, executive secretary of the Importers and Exporters Association of Ghana, claims that if nothing is done to protect exporters, they will be compelled to raise prices in order to survive.

“Prices must rise and will rise in the future. Since the rate of inflation is 31%, we may also raise prices by 40%. To ensure that we are in our preferred positions, we must hedge in advance. We are aware that price increases are improper, but the current situation necessitates them. Unless the government takes other action, this will be the course of action, he told Citi News.

Significant increases in expenses of transport and food caused Ghana’s inflation rate to approach 31.7 percent in the month of July 2022.

This is an increase of 1.9 percentage points from the rate of 29.8 percent observed in June 2022.

Between June 2022 and July 2022, monthly inflation was 3.1%.

The Ghana Statistical Service (GSS) published data on the Consumer Price Index (CPI) on Wednesday, August 10, 2022, which reflected this.

The results show that although non-food inflation was 31.3%, food inflation increased once more to 32.3%.

Professor Samuel Anim, the government statistician, emphasized the influence of the major factors on the rise in the total inflation rate for July 2022.

We wrote this from the standpoints of domestic and imported goods as well as food and non-food inflation. We calculated food inflation to be 32.3% and non-food inflation to be 31.3% based on the two categories.

“We recorded domestic inflation of 29.2% and import inflation of 31.3%,”

He added that the Eastern Region had the greatest inflation rate, which was 38.1%, while the Upper East Region had the lowest inflation rate, which was 19.8%.

Additionally, according to Bloomberg, as of August 8, 2022, the local currency had lost 28.82% of its value against the US dollar.

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