Ghana’s inflation for August 2022 rose to 33.9 percent from 31.7% in July, hitting its highest since August 2001 just weeks after the largest lending rate hike in the country’s history.
Government Statistician, Prof. Samuel Annim announced this at a press conference on Wednesday, September 14, 2022, when he gave a breakdown of the Consumer Price Index (CPI) and Inflation for 2022.
source: tradingeconomics.com
Prof Annim noted that, the inflation rate for August was mainly driven by transport and utilities.
Food inflation for August 2022 was 34.4 percent as against 32.3 percent in July 2022, while non-food inflation was 33.6 percent in August 2022 as against 31.3 percent in July of the same year.
Year-on-year inflation for housing, water, electricity, gas and other fuels had the highest inflation rate recorded at 46.7 percent with transport recording the second highest at 45.7 percent.
Data from the Ghana Statistical Service (GSS) however show that the country recorded its lowest month-on-month rate of inflation for 2022 at 1.9 percent from 3.1 percent in July.
Regional breakdown
Western Region recorded the highest food inflation (47.0%) and Eastern Region, had the highest non-food inflation (42.0%).
The Eastern Region recorded the overall highest inflation (41.0%) with the Upper East Region recording the least rate of inflation of 22.8%.
Transport (68.7%) recorded the highest rate of inflation in the Eastern Region, and for food inflation in the Western Region, Fish and Other Seafood had the highest rate of inflation of 64.0%.