Inflation for June hits 42.5 per cent


The Year-on-year inflation for the month of June 2023 stood at 42.5 per cent, the Ghana Statistical Service said on Wednesday.

Speaking at a press briefing on the CPI for June 2023, Professor Samuel Kobina Annim explained that the recorded inflation rate signified a 0.3 percentage point difference between the recorded inflation rate of May 2023.

“In May 2023 we saw a reversal of the downtrend that we started recording in January 2023 where the May 2023 rate of inflation stood at 42.2 per cent,” he said.

He said monthly inflation rate for June was at 3.2 per cent compared to 4.8 per cent in the previous month.

“This signifies about a two-third fall in the rate recorded in May 2023,” he added.

Food inflation was 54.2 per cent with a month-on-month food inflation of 3.9 per cent compared to last month’s food inflation figure of 51.8 per cent.

Non-food Inflation stood at 33.4 per cent with a 2.6 per cent month-on-month figure compared to last month’s non-food inflation of 34.6 per cent.

The inflation rate for locally produced items was 35.9 per cent while that of imported items was 44.5 per cent.

Based on the shares of inflation across divisions for June 2023, the three highest contributors were Food and non-alcoholic beverages accounting for 54.7 per cent, Housing, electricity, Water, Gas and other fuel contributing 11.9 per cent to inflation while Transport accounted for 8 per cent of inflation.

On the other hand, the three most minor contributors were insurance and financial services accounting for 0.1 per cent, restaurants and accommodation services contributing 0.5 per cent and health accounting for 0.6 per cent respectively.

On a regional basis, the North East region recorded the highest food and non-food inflation of 79.0 per cent and 46.7 per cent respectively.

Meanwhile, the Ahafo region recorded the lowest food inflation of 40.9 per cent while the Greater Accra region had the lowest non-food inflation of 22.6 per cent.

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