Transport fares, food prices push inflation rate to 27.6% in May 2022


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Increase in transport fares and surging food prices pushed the rate of inflation in May 2022 to 27.6%, the Ghana Statistical Service has announced.

This is against 23.6% recorded in April 2022.

Transport fares, food prices push inflation rate to 27.6% in May 2022

According to the Government Statistician, Professor Kobina Annim, the rate of inflations for Transport (39.0%), Household Equipment and Maintenance (33.8%), Housing, Water, Gas and Electricity (32.3%) and Food and Non-Alcoholic Beverages (30.1.6%) were higher than the national average (27.6%).

In May 2022, 12 of the 13 divisions record inflation rates higher than the rolling average from June 2021 to May 2022.

Transport fares, food prices push inflation rate to 27.6% in May 2022

The data showed that Food inflation in May 2022 was 30.1%, compared with 26.6% in April 2022. Non-food Inflation was however 25.7% in May 2022, as against 21.3% the previous month.

The margins between food and non-food inflation was 4.4 percentage points relative to 5.4 percentage points for March 2022 and 5.3 percentage points for April 2022.

Focusing on year-on-year food inflation for May 2022, five sub-classes record inflation rates higher than the overall food inflation (30.1%). This was distantly led by Oils and Fats (52.0%) followed by Water (42.4%).

Transport fares, food prices push inflation rate to 27.6% in May 2022

The inflation for imported goods was 28.2%, which is higher than the 24.7% recorded for April 2022, while the inflation for locally produced items was 27.3%, up from the 23.0% recorded in April 2022.

Meanwhile, Eastern region for the first time in a while recorded the highest rate of inflation of 31.2% due to rising food prices in the region.

Upper East region however recorded the lowest inflation rate of 19.5%.

Transport fares, food prices push inflation rate to 27.6% in May 2022

Whilst the Greater Accra region recorded an inflation rate of 29.7%, whilst the Ashanti region recorded an inflation rate of 27.1%.

If the rate of increase in inflation continues, then interest rates are expected to surge further.

Presently, interest rates on the short term of the money market are hovering around 22% plus.


80 thoughts on “Transport fares, food prices push inflation rate to 27.6% in May 2022

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