Ghana’s inflation is rising to an all-time high at 37.2 per cent in September, driven largely by food prices, according to data from the Ghana Statistical Service (GSS), and Ghanaians are feeling the heat with the cost of living running out of control.
It notes that year-on-year inflation rate for September 2022 based on the 16 administrative regions was 37.2 per cent, and this means that in the month of September 2022 the general price level was 37.2 per cent higher than September 2021. Month-on-month inflation between August 2022 and September 2022 was 2.0 per cent, it added.
The GSS indicates that focusing on food inflation on a year-on-year basis which is 37.8 per cent for the month of September 2022, 10 subclasses recorded higher rates.
“This was distantly led by water at 58.9 per cent followed by milk, other dairy products and eggs at 49.0 per cent and sugar confectionery and desserts at 48.0 per cent. Also in the case of month-on-month food inflation at 2.2 per cent 10 subclasses record rates higher than the national average.
On a month-on-month basis deflation of 2.7 per cent was recorded for vegetables, tubers, plantains and pulses,” the GSS said in a press release copied to Ghana Business News.
The GSS said on year-on-year basis, the difference between food inflation which is 37.8 per cent and non-food at 36.8 per cent was 1.0 percentage points.
On month-on-month basis, food inflation at 2.2 per cent records a lower rate than non-food at 1.7 per cent, leading to 0.5 percentage point difference.
The percentage point difference between inflation for imported items which is 40.7 per cent and domestic items at 35.8 per cent was 4.9 per cent.
It said further that more than 90 per cent of the items recorded an increase in price.
By Emmanuel K Dogbevi
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