Inflation surges to 37.2% in September 2022

Inflation (year-on-year) shot up by 3.3% to 37.2% in the month of September, the Ghana Statistical Service has revealed.

This is against 33.9% recorded in August 2022.

According to the GSS, Food and Non-alcoholic beverages were the major driver of the September 2022 inflation.

The implementation of the utility tariff in September 2022 may also have influenced the surge in inflation.

Prior to the announcement of the September 2022 inflation, the Bank of Ghana adjusted upwards the policy rate to 24.5% to help fight inflation, though some analysts argue the increasing rate of inflation is largely supply driven.

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Source: Ghana News