Greater Accra is the most expensive region – GSS CPI report reveals

The May 2023 Consumer Price Index (CPI) report released by the Ghana Statistical Service (GSS) revealed that Greater Accra was the most expensive region, contributing the most to the year-on-year inflation rate for the month.

In the report, Greater Accra contributed most (24.6%), followed by Ashanti (17.2%) and the Eastern Regions (12.6%).

The North East region emerged as the least expensive region, contributing 1% to the inflation rate for the month of May.

With relatively higher costs of basic goods and services in housing, utilities, and food, the region, which is the administrative capital of Ghana, holds approximately 5,455,692 people, with a 2.9% annual population change, according to the 2021 census conducted by the GSS.

The region also features key governmental and private infrastructure, including the country’s major airport, Kotoka International Airport.

Although economic activity is buoyant in both the formal and informal sectors, there is a high unemployment rate, especially among the teeming youthful population.

The year-on-year inflation rate for May 2023 increased to 42.2% from 41.2% in April 2023.

This increase comes after previous dips for four continuous months between December 2022 and April 2023.