The Ghana Statistical Service (GSS) has revealed the country's inflation rate has risen to 31.7% as of July 2022.

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In June 2022, the inflation rate had not crossed the 30% mark, with the GSS reporting 29.8%.

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For the month-on-month, the inflation rate between June 2022 and July 2022 was 3.1%.

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According to the GSS, transportation (44.6%) was again a major cause for the increase in inflation.

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The other factors contributing to the increased inflation are; 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%).

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Six divisions recorded inflation rates higher than the national average.

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Divisions

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Y-o-Y

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M-o-M

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Transport

9

44.6

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4.9

11

Housing, Water Electricity, Gas and Other Fuels

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43.0

13

3.8

14

Furnishings, Household Equipment and Routine Household Maintenance

15

42.0

16

2.9

17

Recreation, Sport and Culture

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33.8

19

3.1

20

Personal Care, Social Protection and Miscellaneous Goods and Services

21

33.7

22

2.8

23

Food an Non-Alcoholic Beverages

24

32.3

25

3.3

26

Clothing and Footwear

27

24.7

28

1.9

29

Alcoholic Beverages, Tobacco and Narcotics

30

21.2

31

1.4

32

Restaurants and Accommodation Services

33

20.9

34

1.5

35

Informationand Communication

36

14.3

37

1.2

38

Health

39

14.1

40

1.6

41

Insurance and Financial services

42

5.3

43

0.2

44

Education Services

45

5.1

46

1.6

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Food inflation went up to 32.3% in July 2022, from 30.7% in June 2022.

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Also, non-food inflation shot up to 31.3% in July 2022, from 29.1% the previous month.

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Inflation for imported items is higher (33.9%) than inflation for locally produced items (30.9%).

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For the food group, 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%) recorded inflation rates higher the food inflation rate of 32.3%.

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Regional statistics

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Eastern region recorded the highest inflation rate of 38.1%. The Western and Greater Accra Regions followed with inflation rates of 37.6% and 35.5% respectively.

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The Upper East region recorded the lowest inflation rate of 19.8% whilst Upper West recorded the least inflation rate of 21.2% for the non-food group.

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On a quarterly basis, the average rate of inflation has increased by 10.7 percentage points. In the second quarter of 2022, it stood at 27.0% relative to the first quarter of 16.3%.

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