Food inflation continues to soar as June inflation hits 42.5%

Inflation for the month of June 2023 in Ghana increased slightly to 42.5 percent from the previous month’s rate of 42.2 percent, the Ghana Statistical Service (GSS) has indicated.

The GSS’s CPI report observed that the main drivers of inflation for the month were food and non-food items, representing 54.2% and 33.4%, respectively.

While non-food inflation saw a decrease from 34.6% in May 2023 to 33.4% in June 2023, food inflation continued its upward trajectory, hitting 54.2% in June 2023 from 51.8% in May 2023.

Inflation in respect of imported items also saw a jump to 44.5% in June 2023 from 43.8% in May 2023, whereas inflation of locally produced items for the month decreased to 35.9% from 36.2% in May 2023.

According to the report, food and non-alcoholic drinks account for 54.7% of inflation. Transportation made up 8% of the total, with 11.9% going to housing, water, electricity, gas, and other fuels.

Food and non-alcoholic drinks saw an upward trend for the last three months, while transportation and housing, water, electricity, gas, and other fuels recorded a downward trend.