Headline inflation for June inches up marginally to 42.5%
Headline inflation rate for the month of June 2023 experienced a slight uptick, reaching 42.5% compared to May’s figure of 42.2%, according to latest data released by the Ghana Statistical Service (GSS) on Wednesday, July 12, 2023.
According to the GSS, month-on-month inflation between May 2023 and June 2023 was 3.2 percent.
The marginal increase in headline inflation was primarily driven by increments in food prices. Food inflation for June exceeded the national average standing at 54.2%, last month’s Food inflation was 51.8%.
Non-food Inflation was 33.4% with last month’s non-food inflation being 34.6%.
One contributing factor to the inflationary pressure was the surge in vegetable prices, particularly tomatoes, as reported by the Ghana Statistical Service. The average prices of vegetables experienced an upward trend during the period, exerting upward pressure on overall food inflation.
Imported products (imported inflation) at the end of the month of June also witnessed a notable rise of 44.5%, while locally produced items saw a comparatively lower increase of 35.9%.
Despite efforts to stabilize prices and mitigate inflationary pressures, Ghana continues to face challenges in maintaining price stability and managing the rising costs of essential commodities.
The inflationary surge highlights the need for proactive measures to address the underlying causes of price fluctuations and ensure sustainable economic growth.
Economic analysts will closely monitor inflation dynamics in the coming months to gauge the effectiveness of monetary and fiscal policies in curbing inflationary pressures and promoting economic stability.
