Inflation Rate hits 54.1% to close the year 2022


Ghana’s Inflation rate for the year ending 31st December 2022 has reached the highest record of 54.1% after recording 50.33% in November within the same year under review.

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

Food Inflation stood at 59.7% and non food Inflation recorded 49.9% whereas Inflation rate for locally produced items 51.1% and the Inflation of imported items was as high as 61.9% for the same period.

At the Regional levels, Greater Accra took the lead with 66.7% meanwhile Volta Region recorded the lowest rate of Inflation year-on-year of 35.6%.

At a news conference addressed by the Government Statistician at the Ghana Statistical Service, Professor Samuel Kobina Anim said housing, water electricity gas, and other fuel jointly recorded the highest inflation of 82.34% on disaggregation of December, year-on-year of Inflation by division.

According to him, “furniture and household equipment came Second under the same division of 71.52% followed by personal care, service protection and miscellaneous goods and service with 60.90%, food, and non-alcoholic beverages came forth with 59.71%”.

Insurance and financial services, restaurant and accommodation service were at the bottom with 10.76% and 9.18% respectively.