Ghana Inflation Rises to 31.7% in July 2022 – The Highest in 19 Years

The latest figures come after the Central Bank of Ghana raised the benchmark lending rate to 17% in March 2022, the highest increase in 20 years, made to tame the worsening fiscal situation. This rate would go up in May 2022 to 19% where it was maintained for 2 months.

Annual Inflation in Ghana rose to 31.7% in July 2022, the highest rate since 2003, according to the Ghana Statistical Service.

The rise in inflation stands as follows for July 2022:

• 31.7% Year-on-Year (YoY) compared to July 2021
• 3.1% Month-over-Month (MoM) compared to June 2022

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SEE ALSO: Ghana Monthly Inflation Hits 23.6% – The Highest in 18 Years

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The Ghana Statistical Service also provided inflation data for the last 12-month period, alongside the CPI (consumer price index) which measures change in consumer prices based on tracking a basket of certain goods.

While from the monthly figure we can see that inflation is slowing for 4 months now, the government statistician said ‘it would be early days to say that inflation is peaking, and early days to say whether the month-to-month variation is truly slowing.’

The latest figures come after the Central Bank of Ghana raised the benchmark lending rate to 17% in March 2022, the highest increase in 20 years, made to tame the worsening fiscal situation. This rate would go up in May 2022 to 19% where it was maintained for 2 months.

Here are more July 2022 stats:

• Food inflation (0.437) was 32.3% rising from 30.7% in June 2022
• The average food inflation over the last 12 months was 19.4%
• Non-food inflation was 31.3% in July 2022, up from 29.1% in June 2022
• The average food sector inflation over the last 12 months was 17.2%
• Inflation for locally produced items was 30.9%
• Inflation for imported items was 33.9%

The government has put the blame majorly on global crises such as COVID-19 and the war in Ukraine.

Speaking to reporters, Samuel Kobina Annim, the Government Statistician, said:

“We can’t say that things are getting better, because on the face of what we’re seeing, it’s coming from different sources.”

– Government Statistician

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RECOMMENDED READING: The Development Bank of Ghana (DBG) Launches to Provide Long-Term Loans to Ghanaian SMEs

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