Ghana inflation rises to 42.5% in June 2023

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In June, Ghana’s inflation rate reached a three-month high, mostly due to skyrocketing food costs.

Inflation progressively decreased for four straight months until April after hitting a high of 54.1% in December that was higher than it had been in more than two decades. However, according to government statistician Samuel Kobina Annim, annual inflation surged to 42.5% in June from 42.2% in May.

Today in Accra, Prof. Annim counseled decision-makers to carefully consider the causes of the rise in food inflation.

He emphasized that, on average, food inflation increased more rapidly than non-food inflation, with a difference of about 20 percentage points.

After releasing the June inflation numbers, Prof. Annim addressed the media and said that prices of vital staple commodities, including as vegetables and fish, continued to rise significantly during the time. He urged for a focus on closing the gap between food and non-food inflation and underlined the importance of understanding why food inflation was rising.

Food inflation, according to Prof. Annim, was 54.2%, higher than the national average. While domestically produced goods had a price increase of 36.2%, imported food products saw a significant increase of 43.8%.


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