Inflation for the month of March has been pegged at 19.4%, the highest rate recorded since August 2009.The rise in inflation will mean that interest rates will continue surging resulting in the rise of the cost of credit.The Ghana Statistical Service stated that foodstuffs such as Oil and Fats (28.2%), Water (27.1%), Cereal Products (25.0%), Vegetables (23.8%), Fish and Other Seafood (23.7%), Fruits and Nuts (22.1%), Soft Drinks (20.

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5%) and Live Animals and Meat (20.2%) recorded inflation rate, higher than the national average.Transport which includes fuel recorded the highest inflation rate of 27.6%, followed by Housing which was 21.4%.The figures showed that food inflation recorded a rate of 22.4% in March 2022, away from the 17.4% recorded in February 2022.However, the non-food inflation rate was 17.0% in March 2021, from the 14.5% rate in February 2022.

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Also, between February 2022 and March 2022, month-on-month inflation was 4.0%.Food inflation exceeded non-food inflation by 0.8 percentage points on a month-on-month basis.Local inflation also shot up to 20% in March 2022, as against 17.3% of imported goods or inflation.The Bono Ahafo region recorded the highest rate of inflation of 23.3%.Upper East region recorded the lowest rate of inflation of 12.5%.Source: www.ghanaweb.com

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