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Ghana’s inflation rate jumps further to 29.8%

Ghana’s inflation has gone up again, rising to 29.8 percent in June 2022.

This is up from 27.6 percent recorded in May 2022, according to the Ghana Statistical Service (GSS).

The consumer price index for June was 167.7 relative to 129.2 in June 2021.

The month-on-month inflation between May 2022 and June 2022 was 3 percent.

Food inflation stood at 30.7 percent, a marginal increase from 30.1 percent in May, while the average food inflation over the last 12 months was 17.5 percent.

Non-food Inflation was 29.1 percent, marking a significant increase from 25.7 percent in May.

On average, over the last 12 months, non-food inflation has been 15.3 percent.

The increasing inflation and rising cost of living prompted protests from some opposition groups earlier in July.

Labour unions are also going on strike to demand cost of living allowances from the government.

The government has now turned to the International Monetary Fund (IMF) to support the economy.

Ghana is expected to request support of almost $2 billion to shore up its finances.

Ghana currently has a total public debt stock of GH¢391.9 billion, as of the end of the first quarter of 2022.

The cedi is also the worst-performing African currency, after falling some 22 percent against the dollar this year.

source:CNR

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