Inflation surges to 37.2% in September 2022.

Inflation surges to 37.2% in September 2022.

According to data provided by the Ghana Statistical Service, annual inflation had a 3.3% spike for the month of September, bringing the total to 37.2%. In comparison, the rate of 33.9% was reported in August of 2022.

According to the GSS, in September, five different groups had inflation rates that were greater than the average for the country.

They were, transportation (48.6%); personal care, social protection, and miscellaneous goods and services (42.6%); housing, water, electricity, and other fuels (68.8%); furnishings, household equipment, and routine household maintenance (51.1%); furnishings, household equipment, and routine household maintenance (51.1%); housing, water, electricity, and other fuels (68.8%); and Food and Non-Alcoholic Beverages (37.8%).

The implementation of the utility tariff in September 2022 was a contributing factor to the acceleration of price increases in the group that includes housing, water, electricity, and other fuels.

The policy rate was raised to 24.5% by the Bank of Ghana prior to the publication of the inflation rate for September 2022. This was done to assist in the battle against inflation; nevertheless, some experts claim that the growing rate of inflation is mostly supply driven.

According to the statistics, the percentage of increase in the cost of food (food inflation) for the month of September was 37.8%. However, inflation for items other than food (non-food inflation) was 36.8%.

The inflation rate for domestically manufactured goods was 35.8%, whilst the inflation rate for imported goods was 40.7%.

When looking at food inflation on a year-on-year basis (37.8%) for September 2022, 10 subcategories registered greater rates than the overall average. This was followed by Milk and Other Dairy Products and Eggs (49.0%), followed by Sugar Confectionery and Desserts (48.0%). Water took the lead here with 58.9% of the market share.

The Eastern region, which accounts for 47.1% of the total, continued to retain its position as the region with the greatest inflation. The Greater Accra region (45.3%) and the Central region (41.9%) came in second and third, respectively. The inflation rate in the Upper West region was the lowest of all regions, coming in at only 22.9 percent.

Source: ghananews.hrforum.uk