February 7, 2023


Discovering to Inform

Ghana’s inflation rate rises to 31.7 per cent in July 

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The Year-on-Year inflation rate for July 2022 increased to 31.7 per cent, up from 29.8 per cent in June, the Ghana Statistical Service said on Wednesday.

The Month-on-month inflation between June 2022 and July  2022 stood at 3.1 per cent.

Food inflation for July 2022 was 32.3 per cent compared to 30.7 per cent the previous month.

Non-food inflation stood at 31.3 per cent from 29.1 per cent in June.

Inflation for locally produced items was 30.9 per cent while inflation for imported items was 33.9 per cent.

Transport with 44.6 per cent inflation rate, Housing, water, electricity, gas and other fuels at 43 per cent as well as furnishings, household equipment and routine household maintenance at 42 per cent were the greatest contributors to the July inflation.

At the regional level, the Eastern region recorded the highest inflation of 38.1 per cent while the Upper East Region registered the lowest rate of 19.8 per cent.

The Consumer Price Index measures changes in the price of a fixed basket of goods and services purchased by households.

Prices are collected for approximately 39,500 products every month with price collection done in 44 markets.

Products are ordered in a hierarchy of 13 divisions, 44 groups, 98 classes, 156 subclasses and 307 items.

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