Ghana’s consumer inflation hits record high at 19.4 percent
Ghana’s consumer price inflation for March 2022 has hit a high of 19.4% from a previous of 15.7% in February. This is the highest the country has recorded since August 2009.
Ghana’s statistical service said the figures reflected the impact of the Russia/ Ukraine war on global commodity prices.
Foodstuffs such as Oil and Fats (28.2%), Water (27.1%), Cereal Products (25.0%), Vegetables (23.8%), Fish and Other Seafood (23.7%), Fruits and Nuts (22.1%), Soft Drinks (20.5%) and Live Animals and Meat (20.2%) recorded inflation rate, higher than the national average.
According to the figures, food inflation recorded a rate of 22.4% in March 2022, compared to 17.4% in February 2022.
Non-food inflation however recorded a rate of 17.0% in March 2021, from 14.5% recorded in February 2022.
Transport including fuel recorded the highest inflation rate of 27.6%, followed by Housing with an inflation rate of 21.4%.
Inflation rate has been rising globally as the Russia/Ukraine war continuous to affect price of cereal and grain negatively, with the United States and United Kingdom currently standing at 8.5% and 7% for March 2022.
Ghana’s figures are a far disparity from government’s single digit targeted band of 8% plus or minus 2%.