Inflation shot up by 3.8 per cent to end 2022 at 54.1 per cent, data from the Ghana Statistical Service (GSS) has revealed.
Despite a strong improvement in the value of the cedi and a reduction in the prices of petroleum products, the rate of inflation still went up in December 2022. This was due to steep increases in food, transport and housing costs.
However, the rate of increase in inflation slowed down.
The month-on-month inflation rate stood at 3.8 per cent in December 2022.
According to the figures, five divisions recorded inflation rates higher than the national average.
They were Housing, Water, Electricity, Gas and Other Fuels (82.34 per cent); Furnishings, Household Equipment (71.52 per cent); Transport (71.42 per cent); Personal Care, Social Protection and Miscellaneous, Goods and Services (60.94 per cent) and Food and Non-Alcoholic Beverages (59.71 per cent).
While Food inflation went up by 4.4 per cent in December 2022, Non-Food Inflation went up to 49.9 per cent in December 2022, from 46.5 per cent in November 2022.
Inflation for locally produced items was 51.1 per cent and inflation for imported items was 61.9 per cent.
Eight sub-classes registered inflation rates higher than the food inflation average. They included Water (94.2 per cent), Fruit and Vegetable Juices (84.6 per cent), Milk, Other Dairy Products and Eggs (82.2 per cent) and Tea, Mate and Other Plant Products for Infusion (77.7 per cent).
For the regions, the Greater Accra Region recorded the highest inflation of 66.7 per cent. It was followed by Eastern Region (64.1 per cent) and Bono Region (60.3 per cent)
The region with the lowest inflation rate was the Volta region, with a rate of 35.6 per cent. –Myjoyonline