Ghana’s year-on-year inflation hit a 22-year record high, ending 2022 at a rate of 54.1%.
According to data from the Ghana Statistical Service, sharp increases in the cost of food, transportation, and housing pushed inflation further up in December 2022.
However, the rate of inflation slowed down in the month under review compared to November 2022.
This means the cost of borrowing is expected to remain high in the country, as the Bank of Ghana is expected to keep its key lending rate steady later this month.
The month-on-month inflation rate also stood at 3.8% 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%); Furnishings, Household Equipment (71.52%); Transport (71.42%); Personal Care, Social Protection and Miscellaneous Goods and Services (60.94%) and Food and Non-Alcoholic Beverages (59.71%).
Whilst Food inflation went up by 4.4% in December 2022, Non-Food Inflation went up to 49.9% in December 2022, from 46.5% in November 2022.
Inflation for locally produced items was 51.1% and inflation for imported items was 61.9%.
Eight sub-classes registered inflation rates higher than the food inflation average. They included Water (94.2%), Fruit and Vegetable Juices (84.6%), Milk, Other Dairy Products and Eggs (82.2%) and Tea, Mate and Other Plant Products for Infusion (77.7%).
Inflation in Greater Accra highest in Ghana
The Greater Accra region inflation of 66.7% was the highest inflation in the month of December 2022.
The Eastern and Bono regions followed with inflation of 64.1% and 60.3% respectively.
The region with the lowest inflation rate was the Volta region, with a rate of 35.6%.
Ghana | Atinkaonline.com