The Ghana Statistical Service (GSS) reported that in August 2022, inflation soared to 33.9%, the highest level in 21 years.
As a result, interest rates are anticipated to rise higher, increasing the cost of borrowing.
August 2022 had a rise in year-over-year inflation of 2.2 percentage points relative to July 2022 and a decrease in month-over-month inflation of 2.2 percentage points during same time.
The rate of inflation increased by 1.9% between July 2022 and August 2022, according to myjoyonline.com on a monthly basis.
Housing, water, electricity, gas, and other fuels once more accounted for 46.7% of the inflation rate, followed by transportation (45.7%), furniture, household equipment, and regular household maintenance (44.7%), leisure, sport, and culture (36.4%), personal care, social protection, and other miscellaneous goods and services (36.0%), and food and non-alcoholic beverages (34.0%).
There was however wide disparity observed across the 13 divisions.
Food inflation in the month of August 2022 was 34.4 per cent compared with 32.3 per cent the previous month.
Eight subclasses however recorded higher rates. This was distantly led by Oils and Fats (74.0 per cent) followed by Fruits and Nuts (49.4 per cent) and Fish and Other Seafood (46.4 per cent).
In the case of month-on-month food inflation eight subclasses record rates higher than the national average (1.8 per cent).
For non-food inflation, it stood at 33.6 per cent in August 2022, higher than the 31.3 per cent recorded in July 2022.
Inflation for locally produced items was 33.4 per cent, whilst inflation for imported items was 35.2 per cent.
For the fifth month in a row (since April 2022) imported items record higher inflation rates than locally produced items.
Meanwhile, the Eastern Region recorded the highest inflation rate of 41 per cent, followed closely by Western Region (40.2 per cent) and Greater Accra Region (39.3 per cent).
The Upper East Region however recorded the lowest rate of 22.8 per cent.
But Western Region recorded highest food inflation (47.0 per cent) and Eastern Region, the highest non-food inflation (42.0 per cent).
