Inflation for July rises to 43.1 per cent

The Year-on-year inflation for July 2023 has increased to 43.1 per cent compared to 42.5 percent recorded in June 2023, the Ghana Statistical Service (GSS) has said.

The GSS noted that the Consumer Price Index (CPI) for July 2023 was 191.0 as against 133.5 for July 2022.

“This means that in the month of July 2023, the general price level was 43.1 per cent higher than July 2022. Month-on-month inflation between June 2023 and July 2023 was 3.6 per cent,” it said in a press statement released on Wednesday.

The GSS said food inflation with a CPI of 0.427 was 55.0 per cent compared to 54.2 per cent recorded for last month while the month-on-month food inflation was 3.8 per cent.

“Non-food inflation with a CPI of 0.573 was 33.8 per cent; Last month’s non-food inflation was 33.4 per cent while month-on-month non-food inflation was 3.4 per cent,” the statement added.

It said inflation for locally produced items was 37.5 per cent for July against 35.9 per cent for June while inflation for imported items was 45.7 per cent compared to 44.7 per cent recorded in June.

Based on shares of inflation across divisions, the statement indicated that the highest contributors were food and non-alcoholic beverages accounting for 54.5 per cent; housing, water, electricity, gas and other fuels making up 11.3 per cent and transport contribution, 6.9 per cent to inflation.

On the other hand, the least contributors across divisions were insurance and financial services accounting for 0.1 per cent; restaurants and accommodation services making up 0.7 per cent and health contributing 0.7 per cent. On regional basis, the North East region has the highest inflation rate of 64.0 per cent while the Greater Accra region recorded the lowest regional inflation rate of 31.8 per cent.

Source: gna