Inflation for August hits 33.9%; highest in 21 years.

Ghana's Inflation for August hits 33.9%; highest in 21 years.

According to the Ghana Statistical Service, Ghana's consumer price inflation for August 2022 reached a 21-year record high of 33.9%.

This indicates that during July and August 2022, prices for goods and services increased by 2.2%.

At a news conference on September 14, 2022, the government statistician, Prof. Samuel Annim, made this announcement and provided a breakdown of the Consumer Price Index (CPI) and inflation year 2022.

While non-food inflation was 33.6% in August 2022 compared to 31.3% in July of the same year, food inflation in August 2022 was 34.4%, up from 32.3% in July.

The greatest annual inflation rate was 46.7% for housing, water, electricity, gas, and other fuels, with 45.7% for transportation coming in second.

However, according to data from the Ghana Statistical Service (GSS), the nation's monthly inflation rate for 2022 dropped to 1.9% from 3.1% in July.

The rate of inflation for goods made in-country was 33.4%, compared to 35.2% for goods imported.

Source: ghananews.hrforum.uk