Ghana’s year-on-year inflation rate hits 23.6%; highest since January 2004

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Latest data released by the Ghana Statistical Service has revealed that the country recorded an inflation rate of 23.6% in April 2022.

According to the government statistician, Professor Samuel Kobina Anim, this rise in inflation from 19.4 percent in March 2022 to 23.6 percent in April is occasioned by the continuous surge in food and transport costs.

This rate is the highest since January 2004.

Four divisions – Transport (33.5%); Household Equipment and Routine Maintenance (28.5%); Food and Non-Alcoholic Beverages (25.6%), and Housing, Water, Electricity, Gas and Other Fuels (25.0%) recorded inflation rates above the national average of 23.6% with Transport recording the highest inflation.

National month-on-month inflation from March 2022 to April 2022 was 5.1%.

Whilst Food and Non-Alcoholic Beverages inflation was 26.6%, Non-Food inflation stood at 21.3%.

April 2022 food inflation (26.6%) is higher than both March 2022 food inflation (22.4%) and the average of the previous 12 months (13.5%). Food inflation’s contribution to total inflation however, decreased from 51.4% in March 2022 to 50.0% in April 2022

All the 15 food subclasses recorded positive month-on-month inflation with Fruit and Vegetable Juices recording the highest (15.3%).

For Non-Food inflation, year-on-year inflation on average went up again in April 2022 compared to March 2022 (from 17.0% to 21.3%). Only one out of the 12 Non-food Divisions had the 12 months rolling average to be higher than the year-on-year inflation for April 2022 for the divisions.

Furthermore, the inflation for imported goods was 24.7% which is higher than the 17.3% recorded for March 2022 while the inflation for locally produced items was 23.0% up from the 20.0% recorded in March 2022. This is the first time in 29 months that inflation for imported items exceeded domestic inflation.

 

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