Inflation rate rises again to 27.6% in May 2022

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Rise in prices of goods and services continues to bite hard as inflation rate for May 2022 surges to 27.6 percent.

The new figure was confirmed by the latest data on Consumer Price Index (CPI) released by the Ghana Statistical Service in Wednesday, June 8, 2022.

From 23.6 percent in April 2022, June 2022 saw a rise by 4 percentage points settling at 27.6 percent.

Addressing the media, Government Statistician, Professor Samuel Kobina Annim further explained that on a monthly basis, inflation however dropped by one percent to record 4.1 percent in May 2022.

The main driver of the constant rise in inflation recently, food inflation ,rose again to record 30.1 percent compared to 26.6 percent recorded in April. Meanwhile non-food inflation also recorded a surge from 21.3 percent in April 2022 to 25.7 percent in May 2022. .

Professor Annim further noted that this is the second time in 29 months that inflation for imported items exceeded domestic inflation.

Whilst inflation for locally produced items was 27.3 percent, inflation for imported items stood at 28.2 percent in the month under review.

LIVE: Government Statistician releases inflation figures for May 2022

SourceABC News

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