Ghana inflation rate for August rises to 33.9%, highest in 21 years

The Year-on-Year inflation rate for August 2022 increased to 33.9 per cent, up from 31.7 per cent in July, the Ghana Statistical Service said on Wednesday. This is the highest in 21 years.

The Month-on-month inflation between July 2022 and August 2022 stood at 1.9 per cent.

Food inflation for August 2022 was 34.4 per cent compared to 32.3 per cent the previous month.

Non-food inflation stood at 33.6 per cent from 31.3 per cent in July.

Inflation for locally produced items was 33.4 per cent while inflation for imported items was 35.2 per cent.

Housing, water, electricity, gas and other fuels at 46.7 per cent, Transport with 45.7 per cent inflation rate, furnishings, household equipment and routine household maintenance at 44.7 per cent were the greatest contributors to the August inflation.

At the regional level, the Eastern region recorded the highest inflation of 41 per cent while the Upper East Region registered the lowest rate of 22.8 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.

Source: GNA