- March 10, 2022
- Posted by: Charles Yeboah Nixon
- Categories: Economics, Finance
Inflation hit 15.7% in February 2022, as a result of surge in prices of foodstuffs, data from the Ghana Statistical Service has revealed.
This is against a 13.9% recorded in January 2022.
The month-on-month inflation between January 2022 and February 2022 was however 2.4%.
Three divisions – Housing, Water, Electricity, Gas and Other Fuels (25.4%); Transport (18.3%) and Food and Non-Alcoholic Beverages (17.4%) recorded inflation rates above the national average of 15.7%.
However, food inflation (17.4%) was higher than both last month food inflation (13.7%) and the average of the previous 12 months (10.8%).
Water (24.8%), Oils and Fats (23.5%) and Cereal Products (20.3%) recorded the highest inflation rate in February 2022, higher than the food inflation rate.
All the 15 food subclasses recorded positive month-on-month inflation with Water recording the highest (9.0%).
The rising price of cereal is largely due to the Russian-Ukraine war.
Non-food inflation on average went up again in February 2022, compared to January 2022. It shot up from 14.1% to 14.5%.
Inflation for locally produced items was however 16.7%, whilst that of imported items was 12.9%
Greater Accra records highest inflation
Cost of living in the Greater Accra region continued to surge as it recorded the highest rate of inflation of 19.5% among the 16 regions.
Brong Ahafo and Northern regions followed with inflation rates of 15.4% respectively.
Western region recorded the lowest inflation rate of 11.6%.