BusinessEconomy

Inflation rate for May hits 42.2%

Inflation reached a more than two-decade high of 54.1% in December, but it declined for fourth consecutive months up to April

The year-on-year inflation rate for May 2023 was 42.2% increasing from 41.2% in April, according to latest figures from the Ghana Statistical Service (GSS).

This means that in the month of May 2023 the general price level was 42.2% higher than May 2022.

The figure is 3.8 percentage points higher than the 50.3% recorded in November 2022.

According to GSS, the month-on-month inflation between April 2023 and May 2023 was 4.8%.

Inflation reached a more than two-decade high of 54.1% in December, but it declined for fourth consecutive months up to April.

Addressing journalists in Kumasi on Wednesday, the government statistician Prof Samuel Kobina Annim said: “Food inflation witnessed a sharp rise to 51.8% last month from 48.7% in April and non-food price growth decelerated to 34.6% from 35.4%.”

 

 

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