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Ghana economy: Inflation soars from 23.6% in April to 27.6 in May

The Ghana Statistical Service (GSS) update on inflation revealed an upward trend.

According to the GSS, the year-on-year inflation rate for May 2022 was 27.6%.

Compared to the 23.6 percent recorded in April, this represents a four percentage points jump in the inflation rate.

The latest development means that in the month of May 2022, the general price level was 27.6% higher than in May 2021.

Month-on-month inflation between April 2022 and May 2022 was 4.1%

The Consumer Price Index for May 2022 was 162.8 relative to 127.6 in May 2021.

Also, food inflation rose again to a record 30.1 percent compared to 26.6 percent recorded in April while Non-food inflation stood at 25.7 percent in May, compared to 21.3 percent recorded in the previous month.

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, the 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 least inflation rate of 19.5%.

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

Interest rates are also expected to surge due to the rate of increase in inflation.

Interest rates on the short term of the money market are hovering around 22% plus.

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