By: Edzorna Francis Mensah
Ghana’s Consumer Price Index jumped to 33.9% in August 2022, up from 31.7% in July 2022, with 1.9% month-on-month inflation between July 2022 and August 2022.
This means that in the month of August 2022, the general price level was 33.9% higher than in August 2021.
The CPI in August 2022 was 176.3 relative to 131.7 in August 2021. The year-on-year inflation rate for August 2022 was 33.9%.
At the media briefing on September 14, 2022, by the Government Statistician, Professor Samuel Kobina Annin in Accra, food inflation (0.437) was 34.4% from 32.3% of last month. The average over the last 12 months was 21.3%, and Month-on-month food inflation was 1.8%.
Non-food Inflation (0.563) was 33.6%. Last month this was 31.3% and average over last 12 months was 19.3% and month-on-month Non-Food inflation was 2.0%.
According to Professor Annin, Inflation for locally produced items was 33.4% and inflation for imported items was 35.2%.”
The main drivers of the inflation are locally produced bread with 2.1 weight in the basket, which recorded the highest inflation of 64.8% followed by Hearings-Smoked which recorded 56.2% and payment of rent played third with an inflation rate of 55.0%.
