Inflation jumps to 37.2 % in September… highest in 21 years

The country’s year-on-year inflation rose to 37.2 per cent in September from 33.9 per cent in August, the Ghana Statistical Service (GSS) has announced.

It represent an increase of 3.3 per cent of the rate recorded in September and the highest in about 21 years.

The Government Statistician, Professor Samuel K. Annim, who disclosed this in Accra yesterday, said the September inflation rate was mainly driven by water electricity, gas, furnishing, household’s equipment and routine household maintenance, transport, personal care, social protection and miscellaneous good and services as well as non-alcoholic beverages.

He said housing, water, electricity, gas and other fuels  recorded inflation rate of 68.8 per cent Furnishings, Household Equipment and Routine Household Maintenance recorded inflation rate of 51.1 per cent,  transport 48.6 per cent  personal care, social protection and miscellaneous goods and services 42.6 per cent  as well as food and non-alcoholic beverages  37.8 per cent.

Restaurants and accommodation services (11. 1 per cent), insurance and financial services (13.6 per cent) , information and communication (14.9 per cent), alcoholic beverages, tobacco and narcotics (22.0 per cent), health (22.8 per cent), clothing and footwear (28.7 per cent), recreation, sport and culture (36.3 per cent) recorded inflation rate below the national average of 37.2 per cent.

Prof Annim said the implementation of the utility tariff in September 2022 influenced the surge in inflation in Housing, Water, Electricity and other fuels group.

He said food inflation increased by 0.437 per cent to 37.8 per cent in September, while month-on-month inflation stood at 2.2 per cent.

Prof Annim indicated that non-food inflation increased by 0.563 per cent to 36.8 per cent in September, with the month-on-month rate of 1.7 per cent.

“Inflation for locally produced items stood at 35.8 per cent in September, while inflation for imported items was 40.7 per cent,” the Government Statistician, stated.

Prof Annim said Eastern region (47.1 per cent) maintained its lead as the region with the highest inflation and was followed by the Greater Accra (45.3 per cent) and Ashanti regions (31.1 per cent).

He said the Upper West region recorded the least rate of inflation of 22.9 per cent, followed by Northern Region 23.9 per cent and Volta Region 24.0 per cent.


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