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Inflation increased marginally to 42.2% in May 2023

Source The Ghana Report

Inflation for May 2023 increased to 42.2% from 41.2 %.

The Ghana Statistical Service (GSS) says the marginal increase was largely influenced by a spike in food inflation during the period.

According to the GSS, food inflation went up significantly from 48.7 percent in April 2023 to 51.8 percent in May 2023.

However, the non-food inflation declined from 35.4 percent in April to 34.6 percent in May 2023.

The Government Statistician, Prof. Samuel Kobina Annim made the announcement in Kumasi in the Ashanti region.

Prof. Annim explained that the contribution of food Inflation to the overall national inflation rate was the highest in 17 months.

Inflation reached a more than two-decade high of 54.1% in December 2022, but it declined for the first fourth consecutive month in 2023.

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