Ghana’s annual inflation rate rose slightly to 42.2% in May 2023 from 41.2% in the previous month, mainly driven by a surge in food prices.
The Ghana Statistical Service (GSS) reported that food inflation increased sharply from 48.7% in April 2023 to 51.8% in May 2023, while non-food inflation declined to 34.6% from 35.4% over the same period.
The GSS announced the inflation figures in Kumasi, the capital of the Ashanti region. The GSS chief, Prof. Samuel Kobina Annim, said that food inflation contributed the most to the overall national inflation rate in 17 months.
According to the GSS data on division level, the highest inflation was recorded by Furnishing and Households equipment (57.8%), followed by Housing, Water, Electricity, Gas and Other Fuels (54.0%), Personal Care, Social Protection and Miscellaneous Services (53.4%) and Food and Non-Alcoholic Beverages (51.8%).