Ghana’s consumer inflation accelerated to 31.7% annually in July from 29.8% in June, the Ghana Statistical Service announced Wednesday.
The development means the inflation rate has exceeded the Bank of Ghana’s target bank of between 6% to 10% for 11 consecutive months.
The inflation rate is the highest since December 2003 although the pace at which it increased slowed for the second month in a row.
The inflation rate was driven by Transport (44.6%); Housing, Water, Electricity, Gas and Other Fuels (43.0%); Furnishings, Household Equipment and Routine Household Maintenance (42.0%); Recreation, Sport and Culture (33.8%); Personal Care, Social Protection and Miscellaneous Goods and Services (33.7%) and Food and Non-Alcoholic Beverages (32.3%). All the six divisions recorded inflation rates higher than the national average.
Food inflation increased to 32.3% in July 2022, from 30.7% in June 2022 while non-food inflation also rose to 31.3% in July 2022, from 29.1% the previous month.
Similarly, inflation for locally produced items was 30.9%, whereas inflation for imported items was 33.9%.