- April 13, 2022
- Posted by: Amos Ekow Coffie
- Category: Economics
Rising cost of food prices pushed inflation rate in the month of March 2022 to 19.4%, the highest since August 2009, the Ghana Statistical Service has revealed.
Foodstuffs such as Oil and Fats (28.2%), Water (27.1%), Cereal Products (25.0%), Vegetables (23.8%), Fish and Other Seafood (23.7%), Fruits and Nuts (22.1%), Soft Drinks (20.5%) and Live Animals and Meat (20.2%) recorded inflation rate, higher than the national average.
According to the figures, food inflation recorded a rate of 22.4% in March 2022, compared to 17.4% in February 2022.
Non-food inflation however recorded a rate of 17.0% in March 2021, from 14.5% recorded in February 2022.
Transport including fuel recorded the highest inflation rate of 27.6%, followed by Housing with an inflation rate of 21.4%.
Month-on-month inflation between February 2022 and March 2022 was 4.0%. However, on a month-on-month basis, food inflation exceeded non-food inflation by 0.8 percentage points.
Also, local inflation shot up to 20% in March 2022, as against 17.3% of imported goods or inflation.
The rising inflation means interest rates will continue to surge, whilst cost of credit will also go up.
Bono Ahafo region records highest regional inflation of 23.3%
For the first time in a while, the Bono Ahafo region recorded the highest rate of inflation of 23.3% in the country.
Upper East region recorded the lowest rate of inflation of 12.5%.
Globally, inflation rate has been surging because of the Russian/Ukraine war which has impacted negatively on cereals and grains as well as supply of fertilizer.
The rate of inflation in USA and UK currently stands at 8.5% and 7% in March 2022.