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.