Inflation Rate Rises For Second Straight Month; Economic Struggle To Continue In Ghana
According to the Ghana Statistical Service, Ghana’s inflation rate has risen for the second consecutive month.
Prices of commodities and services increased by 42.5% in June 2023, compared to 4.2% in May 2023.
In June 2023, food inflation increased to 54.2% from 51.8% in May 2023.
In Ghana, prices for products and services continue to rise, with the inflation rate reaching 42.5% in June 2023.
The present inflation rate increased from 42.2% in May to 43.2% in June as prices increased by 3.2%.
After some decreases earlier in the year, the current inflation rate is the highest in three months.
Samuel Kobina Annim, the government statistician, made the announcement to the media.
In May, food inflation increased from 51.8% to 54.2%, while non-food inflation decreased from 34.4% to 33.4%.
The inflation rate for housing rose to 11%, while the inflation rate for transportation rose to 8%.
After months of economic crisis, the International Monetary Fund (IMF) recently resolved to support Ghana with a $3 billion support package, and the economy was showing signs of stabilization.
Ghanaians are anxious about petroleum prices.
It is well known that fuel prices promote inflation in Ghana.
In the past, YEN.com.gh has reported on how Ghanaians have complained about the record fuel price increases.
In 2022, fuel prices reached a high of GH20 per gallon but have since decreased to approximately GH12 per gallon.
Soaring food prices in Ghana
In 2020, the World Bank ranked Ghana as the African nation with the most expensive food prices.
In its Africa Pulse report for October 2022, the World Bank attributed Ghana’s elevated food prices to the Russian-Ukrainian conflict.
According to reports, the conflict has caused food prices to rise in nations that rely on grain from Russia and Ukraine.