Continuous increase in food, transport prices push April inflation to 23.6%

Zion
Zion May 11, 2022
Updated 2022/05/11 at 6:00 PM
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The continuous increase in food and transport prices across the country has pushed the national year-on-year inflation for April 2022 to 23.6 percent.

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This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service.

The rate is 4.2 percentage points higher than the 19.4% recorded in March 2022.

The rise in the inflation rate for April 2022 is the highest recorded since the Ghana Statistical Service rebased the Consumer Price Index in August 2019.

A statement issued by the Ghana Statistical Service noted that “four divisions – transport (33.5%); household equipment and routine maintenance (28.5%); food and non-alcoholic beverages (25.6%), and housing, water, electricity, gas and other fuels (25.0%) recorded inflation rates above the national average of 23.6% with transport recording the highest inflation.”

National month-on-month inflation from March 2022 to April 2022 was 5.1%.

It also noted that this is the first time in 29 months that inflation for imported items exceeded domestic inflation. Whilst inflation for locally produced items was 23.0%, inflation for imported items was 24.7%.

“The inflation for imported goods is higher than the 17.3% recorded for March 2022 while the inflation for locally produced items is 23.0% higher than the 20.0% recorded in March 2022.”

Food and Non-food Inflation

Whilst Food and Non-Alcoholic Beverages inflation was 26.6%, Non-Food inflation stood at 21.3%.

April 2022’s food inflation of 26.6% is higher than both food inflation for March 2022 (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.

All the 15 food subclasses recorded positive month-on-month inflation with Fruit and Vegetable Juices recording the highest of 15.3%.

Non-food year-on-year inflation on average went up again in April 2022 compared to March 2022, which is 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%).

Regional Inflation

At the regional level, the Central Region recorded the highest inflation rate of 26.7% while the Upper East Region recorded the lowest inflation rate of 18.4%.

The Central Region recorded the highest month-on-month inflation of 8.8%.

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