Inflation rises further to 31.7% in July

The country’s Consumer Price Index (CPI) rose to 31.7 per cent in July from 29. 8 per  cent recorded the previous month,  Ghana  Statistical  Services (GSS)  has revealed.

CPI measures the price of a fixed basket of goods and services purchased by households.

The government statistician, Professor Samuel K.Annim, who disclosed this in Accra yesterday attributed the increasein July inflation rate to the increase in the prices transportation, housing, water and electricity.

Prof. Annim said on quarterly basis, the average rate of inflation had increased by 10.7  percentage points stating that Ghana recorded  27.0 per cent for the second quarter relative to 16. 3 per cent in the first quarter.

He said food inflation rose from 30.7 per cent in June to 32.3 per cent with a month-on-month inflation of  3.3 per cent, while non-food inflation recorded  31.3 per cent and a monthly rate of  3.0 per  cent.

Six division, Prof. Anim said recorded rates higher than the overall inflation rates.  These were transport (44.6 per cent), housing, water, electricity, gas and other fuels (43.0 per cent), furnishing, household equipment (42.0 per cent) recreation, sport and culture (33.8 per cent), personal care, social protection (33.7 per cent), food and non-alcoholic beverages (32.3 per cent).

He explained that on yearly basis, the difference between food and non-food inflation was one percentage points while on monthly basis it was 0.3 percentage point.

Prof. Anim mentioned that the percentage point increase in non-food inflation between June and July 2022 was 1.6 per cent.

He said inflation rate for locally produced items was 30.9 percent while that of imported items was 33.9 per cent adding that “in the fourth time in a row imported items record higher inflation rates higher than locally produced items.”

He stated the difference between inflation for imported items and locally domestic items was 3.0 per cent.

Prof.Anim said eight food subclasses recorded higher rates than the overall food inflation of 32.3 per cent. 

These are oils and fats (67.0 per cent), fish and sea food (42.9 per cent), water (42.4 per cent), cereal (40.0 per cent), milk, dairy products and eggs (39.7 per cent), fruits and vegetables (37.7 per cent), live animals and meat (34.5 per cent) and sugar and desserts (32.8 per cent).

On regional inflation, Prof. Anim said Western Region recorded  highest food inflation of  44.8 per cent  while the  Eastern Region recorded the highest non-food inflation of 36.6 per cent.

 Eastern Region recorded the overall highest inflation(38.1 per cent), followed by Western Region (37.6 per cent) and Greater Accra ( 35.5 per cent).


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