The Ghana Statistical Service (GSS) on Wednesday 14th September 2022, Announced that Ghana consumer inflation has increased to 33.9% in August 2022 from 31.74% in july 2022.
The report which was read by Professor Samuel Kobina Annim on Wednesday indicated that inflation rate between July 2022 and August 2022 was 1.96%.
According to him the inflation rate for August was mainly driven by transport and utilities.
” The inflation rate was driven by Housing, Water, Electricity, Gas and Other Fuels (46.7%); Transport (45.7%); Furnishings, Household Equipment and Routine Household Maintenance (44.7%); Recreation, Sport and Culture (36.4%); Personal Care, Social Protection and Miscellaneous Goods and Services (36.0%) and Food and Non-Alcoholic Beverages (34.4%). All six divisions recorded inflation rates higher than the national average.
Food inflation increased to 34.4% from 32.3% in July 2022 while non-food inflation also rose to 33.6% in August 2022, from 31.3% the previous month.
Similarly, inflation for locally produced items was 34.4%, whereas inflation for imported items was 35.2%”.
Adding that the last time inflation hit 33.9% was in August 2001. In that year, Ghana decided to opt for enhanced debt relief in order to stabilize the economy
He also said as at that time,the economy was characterised by rapid exchange rate depreciation, high inflation as well as high debt service payments, similar challenges facing the economy in 2022.
Bainamultimedia
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