According to the Ghana Statistical Service, consumer inflation in Ghana increased to 31.7% yearly in July from 29.8% in June.
This change indicates that the inflation rate has gone above the Bank of Ghana’s target range of 6% to 10% for 11 straight months.
The inflation rate is the highest it has been since December 2003, but it climbed at a slower rate for the second consecutive month.
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 Other Goods and Services (33.7%), and Food and Non-Alcoholic Beverages (32.3%) were the main drivers of inflation. Over the national average, inflation rates were observed in each of the six divisions.
While non-food inflation also grew to 31.3% in July 2022 from 29.1% the previous month, food inflation surged to 32.3% in July 2022 from 30.7% in June 2022.
Similar to how inflation for locally manufactured goods was 30.9% while it was 33.9% for imported goods.