June 14, 2024
P.O.Box 613ER Gombilla House, Lamashegu Market, Tamale, Northern Region

May 2023 Inflation shoots to 42.2%

The year-on-year Inflation for May 2023 jumped to 42.2% from 41.2 % recorded in April 2023. The marginal increase was largely influenced by a spike in Food Inflation during the period.

According to the Ghana Statistical Service, Food Inflation went up significantly from 48.7% in April 2023 to 51.8% in May 2023. 

However, the Non -Food Inflation declined to 34.6% in May 2023, from 35.4% recorded in April 2023.

The Government Statistician, Prof. Samuel Kobina Annim made the announcement in Kumasi in the Ashanti region.

Prof. Annim explained that the contribution of the Food Inflation to the overall national inflation rate was the highest in 17 months.

From the data published by the GSS on division basis, Furnishing and Households equipment recorded the highest inflation of 57.8%. It was followed by Housing, Water, Electricity, Gas and Other Fuels (54.0%); Personal Care, Social Protection and Miscellaneous Services (53.4%) and Food and Non-Alcoholic Beverages (51.8%).

These four groups recorded inflation higher than the national average.

Inflation for locally produced items was 36.2%, whilst inflation for imported items was 43.8%.

Ashanti region recorded lowest inflation

On regional rates of inflation, the Ashanti region recorded the lowest national inflation of 31%, while the Western North region recorded the highest inflation of 62.5%.

Source: Joy Business

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