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Sunday, June 26, 2022

Price of bread records highest inflation rate in May 2022 – GSS

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Data from the Ghana Statistical Service(GSS) show that the price of bread recorded the highest rate of inflation of 41.3% year-on-year in the inflation basket, which is made of 307 items.

This is followed by increases in fuel and transport fares which hit 39.9%.

 The two items are part of the top 10 list of goods and services that registered inflation rates higher than the national average.

According to Government Statistician, Professor Samuel Kobina Annim, fuel and transport fares contributed significantly to expenditure of non-food household.

“If you look at the data, you will realize that fuel and transport fares recorded the significantly”, he said.

“Others include fuel, house rental, imported rice, hotel accommodation, fish, smoked herrings and education,” he added.

He stated that all the goods and services in the basket, which measures the rate of inflation, recorded an increase in prices year-on-year.

Meanwhile, the month-on-month rate however stood at 4.1%.

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%

Imported inflation (28.2%) sustains its dominance over domestic inflation (27.3%) with a margin of 0.9 percentage points

For the regions, the Upper East Region registered the lowest rate of Inflation of 18.7%, whilst the Eastern region recorded the highest rate of inflation of 31.2%.

Meanwhile, the Ghana Statistical Service, will from next month start releasing the rate of inflation for all the 16 regions in the country

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