Inflation soars to 50.3%, the greatest level in 27 years

In November 2022, inflation increased by 9.9% to reach 50.3%, according to the most recent data from the Ghana Statistical Service. The number is now the highest in 27 years.

This was anticipated given the rise in fuel prices and the depreciation of the cedi during the reviewed month.

Due to the recent rise in the cedi’s value relative to the dollar and the decline in fuel prices, the trend may, however, come to an end or reverse in December 2022.

In November 2022, inflation increased by 9.9% to reach 50.3%, according to the most recent data from the Ghana Statistical Service. The number is now the highest in 27 years.

This was anticipated given the rise in fuel prices and the depreciation of the cedi during the reviewed month.

Due to the recent rise in the cedi’s value relative to the dollar and the decline in fuel prices, the trend may, however, come to an end or reverse in December 2022.

In November 2022, inflation for goods made locally was 48.3%, compared to 55.1% for goods imported.

Five categories, including transportation (63.1%), personal care, social protection, and other services (56.3%), food and non-alcoholic drinks (55.3%), and housing, water, gas, and electricity and other (79.1%), had inflation rates that were higher than the national average.

Eight subclasses within the food category had inflation rates that were higher than the national average.

Water makes up 93.2% of them, followed by milk, eggs, and other dairy products (75.4%), fruit and vegetable juices (73.1%), sugar, confections, and desserts (70.0%).

Eastern region records 63.3% inflation in November 2022

For the regions, Eastern region recorded the highest inflation rate of 63.3%.

It was followed by the Greater Accra region with an inflation rate of 61.6% and Bono region with a rate of 53.6%.

The region with the least inflation rate is Upper West with a rate of 35.6%.