Ghana’s inflation rate for May rises to 42.2%

As food commodity prices witness a little uptick, the Ghana statistical services has estimated inflation for May 2023 at 42.2%, up from the 41.2% recorded for April.

This would be the first increase in the statistic this year following four consecutive months of declining inflation starting in January 2023.

Professor Samuel Kobina Annim, the government statistician, attributed the increase in inflation to increases in the cost of food, with food inflation rising to 51.8% from the 48.7% noted in April. However, non-food inflation saw a little decline from 35.4% in April to 34.6% in May.

The monthly inflation rate between April 2023 and May 2023 was 4.8%, up from the monthly inflation rate of 2.4% between March 2023 and April 2023.

The Ashanti region had the lowest regional inflation at 31.0%, while the Western North region had the highest regional inflation at 62.5%.

Source: Ghanatodayonline.com