Increase in transport fares and surging food prices pushed the rate of inflation in May 2022 to 27.6%, the Ghana Statistical Service has announced.

This is against 23.6% recorded in April 2022.

According to the Government Statistician, Professor Kobina Annim, the rate of inflation for Food, Transportation as well as Electricity, Water, Household and Gas were higher than the national average rate of inflation.

Meanwhile, Eastern region for the first time in a while recorded the highest rate of inflation of 31.2% due to rising food prices in the region.

If the rate of increase in inflation continues, then interest rates are expected to surge further.

Presently, interest rates on the short term of the market are hovering around 22% plus.