Ghana’s Inflation Shoots Up To 29.8% In June

Ghana’s inflation rate for June is 29.8%. This is a 2.2 percentage increase from May’s 27.6%. According to the latest data by the Ghana Statistical Service, food and transport constitute major drivers of the increment.

According to the figures, food inflation for the month of June surged to 30.7 per cent from 30.1% recorded in May. Non-food inflation for June 2022 was 29.1 per cent, while May 2022 recorded a rate of 25.7 per cent. Inflation for locally produced items was 29.2 per cent while inflation for imported items was 31.3 per cent.

At the regional level, the Eastern region recorded the highest inflation of 35.8 per cent while the Upper East Region registered the lowest rate of 21.0 per cent. The 29.8% inflation rate is considered the highest in 19 years since 2003. The month-on-month inflation rate according to expert has however declined two months in a row from April.

The country’s current inflation rate of 29.8%, is exactly the same rate recorded in 2003 when the country was under the Highly Indebted Poor Country Programme (HIPC), which started in 2002.

According to the World Bank, Ghana’s inflation rate was 29.8% in 2003, which declined continuously after the HIPC programme to about 8.7% in 2011.

The latest data come has brought Ghana Government to the doors of the International Monetary Funds for a bailout to curb the approaching financial downturn.