Inflation rate for December 2022 hits 54.1%

The year-on-year inflation rate for December 2022 was 54.1%, the latest figures from the Ghana Statistical Service (GSS) show.

This means that in the month of December 2022 the general level of prices was 54.1% higher than in December 2021.

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

The Government Statistician, Professor Samuel Kobina Annim, said this was caused by steep increases in food, transport and housing costs.

Food inflation (0.437) for December was 59.7%, as against November’s tally of 55.3%. Non-food inflation was 49.9%, compared with non-food inflation of 46.5 % the previous month.

The figures show that food prices rose 59.7% and transport costs increased by 71.4%. Inflation for locally produced items was 51.1% and inflation for imported items was 61.9%.

The Greater Accra Region overtook the Eastern Region to record the highest regional inflation rate of 66.7%. The Volta Region maintained the record of having the lowest regional inflation rate of 35.6%.  

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