Inflation rises further to 31.7% in July 2022; transport one of major drivers
Year-on-year inflation crossed the 30% mark to hit 31.7% in the month of July 2022, data from the Ghana Statistical Service has revealed.
However, the rate of inflation slowdown in the month under review, as inflation went up by 1.9% over that of June 2022 (29.8%).
According to the GSS, the increase in inflation was once again caused by Transport (44.6%); Housing, Water, Electricity, Gas and Other Fuels (43.0%); Furnishings, Household Equipment and Routine Household Maintenance (42.0%); Recreation, Sport and Culture (33.8%); Personal Care, Social Protection and Miscellaneous Goods and Services (33.7%) and Food and Non-Alcoholic Beverages (32.3%).
Indeed, six divisions recorded inflation rates higher than the national average.
Divisions | Y-o-Y | M-o-M |
Transport | 44.6 | 4.9 |
Housing, Water Electricity, Gas and Other Fuels | 43.0 | 3.8 |
Furnishings, Household Equipment and Routine Household Maintenance | 42.0 | 2.9 |
Recreation, Sport and Culture | 33.8 | 3.1 |
Personal Care, Social Protection and Miscellaneous Goods and Services | 33.7 | 2.8 |
Food an Non-Alcoholic Beverages | 32.3 | 3.3 |
Clothing and Footwear | 24.7 | 1.9 |
Alcoholic Beverages, Tobacco and Narcotics | 21.2 | 1.4 |
Restaurants and Accommodation Services | 20.9 | 1.5 |
Informationand Communication | 14.3 | 1.2 |
Health | 14.1 | 1.6 |
Insurance and Financial services | 5.3 | 0.2 |
Education Services | 5.1 | 1.6 |
Food inflation went up to 32.3% in July 2022, from 30.7% in June 2022.
Again, non-food inflation also shot up to 31.3% in July 2022, from 29.1% the previous month.
Similarly, inflation for locally produced items was 30.9%, whereas inflation for imported items was 33.9%.
For the food group, Oils and Fats (67%); Fish and Other Seafood (42.9%); Water (42.4%); Cereal Products (40.0%); Milk, Dairy Products and Eggs (39.7%); Fruit and Vegetable Juices (37.7%); Live Animals and Meat (34.5%) and Sugar and Desserts (32.7%) recorded inflation rates higher the food inflation rate of 32.3%.
For the month-on-month, the inflation rate between June 2022 and July 2022 was 3.1%.
Regional inflation
Eastern region recorded the highest inflation rate of 38.1%, followed by Western and Greater Accra with inflation rates of 37.6% and 35.5% respectively.
The Upper East region registered the lowest inflation rate of 19.8%.
The region with the lowest inflation rate was Upper East (15.7%), whilst Upper West recorded the least inflation rate of 21.2% for the non-food group.
On a quarterly basis, the average rate of inflation has increased by 10.7 percentage points. In the second quarter of 2022, it stood at 27.0% relative to the first quarter of 16.3%.
Every month, prices are collected for approximately 39,500 products. Price collection is done in 44 markets.
Prices are also collected from 7,726 outlets.
Source: Ghana News