Inflation rate for April increases to 23.6%

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The national year-on-year inflation rate was 23.6% in April 2022, which is 4.2 percentage points higher than the 19.4% recorded in March 2022, the Ghana Statistical Service (GSS) has announced on Wednesday May 11.

The month-on-month inflation between March 2022 and April 2022 was 5.1% .

Four Divisions (Transport, Household equipment and Routine Maintenance, Food and Non-Alcoholic Beverages, and Housing, Water, Electricity, Gas and Other Fuels) recorded inflation rates above the national average of 23.6% with Transport (33.5% ) recording the highest inflation.

This month’s food inflation (26.6%) is higher than both last month food inflation (22.4%) and the average of the previous 12 months (13.5%). Food inflation’s contribution to total inflation however, decreased from 51.4% in March 2022 to 50.0% in April 2022.

Overall month-on-month food inflation was 5.8%, which is higher than both the twelve month national month-on-month rolling average of food inflation (2.0%) and the rate recorded for April 2021 (2.3%). All the 15 food subclasses recorded positive month-on-month inflation (see figure 4) with Fruit and Vegetable Juices recording the highest (15.3%).

Non-food year-on-year inflation on average went up again in April 2022 compared to March 2022 (from 17.0% to 21.3%). Only one out of the 12 Non-food Divisions had the 12 months rolling average to be higher than the year-on-year inflation for April 2022 for the divisions.
Transport is the Division that recorded the highest inflation in April 2022 (33.5%).

At the regional level, the overall year-on-year inflation ranged from 18.4% in the Upper East Region to 26.7% in the Central Region (See Figure 3). Central Region again recorded the highest month-on-month inflation (8.8%). All regions recorded positive month-on-month
inflation rate in April 2022 (above 2.0%).

By Laud Nartey|3news.com|Ghana

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