Inflation rises slightly to 42.2% for May 2023

The year-on-year inflation rate for May 2023 has increased to 42.2% from 41.2% in April 2023, according to the Ghana Statistical Service.

The increase in May 2023 comes after previous decreases in inflation for four consecutive months between December 2022 and April 2023.

Presenting the CPI report at the Kumasi Technical University on Wednesday, the government statistician, Professor Samuel Kobina Annim, found that food and non-alcoholic drinks account for 52.4% of the inflation. Transportation made up 9.2% of the total, with 13.1% going to housing, water, electricity, gas, and other fuels.

6.4% went to clothing and footwear, while 4.4% went to furniture and household goods. The lowest percentage was 0.1% in the insurance and financial services sector.

Whereas food inflation increased from 48.7% in April 2023 to 51.8% in May 2023, non-food inflation decreased slightly from 35.4% in April 2023 to 34.6% in May 2023.

Inflation on imported items increased from 43.1% in April 2023 to 43.8% in May 2023, while inflation on locally produced items dropped to 36.2% in May 2023 from 38.2% in April 2023.

Greater Accra contributed most to the May 2023 inflation, hence being the most expensive region (24.6%), followed by Ashanti (17.2%) and the Eastern regions (12.6%). The North East region was the least expensive, contributing 1% to the inflation rate for the month.