May 2022: Headline inflation jumps by 400bps, now 27.6%
Headline inflation for the month of May 2022 jumped by 400 basis points [4%] reaching 27.6%.
This is from the previous 23.6% inflation rate recorded for April 2022.
According to the GSS, the month-on-month inflation between April 2022 and May 2022 was 4.1%.
Government Statistician, Professor Kobina Annim, noted the rate of inflations for Transport (39.0%), Household Equipment and Maintenance (33.8%), Housing, Water, Gas and Electricity (32.3%) and Food and Non-Alcoholic Beverages (30.1.6%) were higher than the national average (27.6%).
Between April and May 2022, Food Inflation went up by 3.5 percentage points (from 26.6% to 30.1%) and non-food inflation 4.4 percentage points (from 21.3% to 25.7%).
Food inflation for May 2022 relative to the rolling average for the period June 2021 to May 2022 has more than doubled.
The margin between month-on-month food and non-food is 0.1 percentage points with food inflation recording 4.0% and non-food 4.1%.
Inflation for imported goods was 28.2%, which is higher than the 24.7% recorded for April 2022, while the inflation for locally produced items was 27.3%, up from the 23.0% recorded in April 2022.
Meanwhile, Eastern region for the first time in a while recorded the highest rate of inflation of 31.2% due to rising food prices in the region.
The Upper East region however recorded the least inflation rate of 19.5%.
Whilst the Greater Accra region recorded an inflation rate of 29.7%, the Ashanti region recorded an inflation rate of 27.1%.
