Ghana's Inflation Surges To A Record 33.9%
Ghana’s inflation rate in August 2022 was 33.9 percent annually from 31.7 percent in July 2022 according to the government statistics body.?This rate is the highest ever recorded by the country since 2001.
This comes after the central bank increased the threshold of interest rate by 300 basis points to 22 percent last month in an attempt to counter inflation.?
Furthermore, food inflation for August 2022 was 34.4 percent which is higher than the 32.3 percent in July 2022, while non-food inflation was 33.6 percent in August 2022 as compared to 31.3 percent in July 2022.
In a press conference on Wednesday, Government Statistician, Prof. Samuel Annim attributed this continuous rise in inflation mainly to high fuel prices that are affecting transport fares and utility costs. Utility costs had the highest inflation rate recorded at 46.7 percent with transport recording the second highest at 45.7 percent.
Nevertheless, the information from the Ghana Statistical Service suggests that the country has recorded it’s lowest month-on-month rate of inflation at 1.9 percent in August as against 3.1 percent in July.?
Currently, the government is negotiating a bailout package with the International Monetary Fund (IMF) in efforts to strengthen Ghana's weakened economy.
Source : voanews