The Year-on-Year inflation rate rises again to 27.6% in May, up from 23.6% in April, the Ghana Statistical Service has said.
The Month-on-month inflation between April 2022 and May 2022 stood at 4.1%, representing a 1.0 percentage point decline from 5.1% in April.
Food inflation had increased to 30.1% from 26.6% in April.
Non-food inflation, however, rose to 25.7% compared to 21.3% the previous month.
Professor Kwabena Annim, the Government Statistician, said that the margins between food and non-food inflation had decreased to 4.4 percentage points relative to 5.4 percentage points for March and 5.3 percentage points for April 2022.
“Food inflation for May 2022 relative to the rolling average for the period June 2022 to May 2022 has more than doubled while the margin between month-on-month food and non-food is 0.1 percentage point with food inflation recording 4% and non-food 4.1%,” he said.
Between April and May 2022, Food Inflation went up by 3.5 percentage points from 26.6% to 30.1% and Non-food Inflation increased by 4.4 percentage points from 21.3% to 25.7%, he said.
The GSS identified five sub-classes to record inflation rates higher than the overall food inflation of 30.1% and this was distantly led by Oils and Fats with 52% followed by Water with 42.4%.
On a month-on-month basis, three sub-classes recorded inflation rates higher than the overall inflation of 4%.
This was led by Oil and Fats with 6.5% followed by Vegetables recording 5.4% and Cereal Products with 5.3%.
Inflation for locally produced items was 27.3% while that of imported items was 28.2%, indicating the sustained dominance of imported inflation over domestic inflation with a margin of 0.9 percentage points.
Transport 39%, Household Equipment and Maintenance 33.8%, Housing, Water, Gas and Electricity 32.3% and Food and Non-Alcoholic Beverages 30.16% had rates higher than the national average of 27.6%.
