Inflation for the month of May hit 14.8 percent, up from 14.7 percent in April this year.

This means that the rate of increase in the general prices of goods and services was higher in May compared to April even though by just a marginal 0.01 percent.

The increase is the highest since May 2010.

The month on month inflation however marginally declined from 1.7 percent in April to 0.9 percent in May.

Meanwhile utilities and transport remain the main drivers for the rising inflation rate. 

For the non food group, inflation rate declined to 20 percent from 20.6 percent recorded in the previous month.

The Greater Accra region recorded the highest rate of 16.1 percent while the Upper West recorded the lowest rate of 11.2 percent.

The Statistical Service is expected to release the latest GDP figures in two weeks.

Meanwhile, the Finance Minister Seth Terkper has indicated that new measures that government is instituting should soon put the economy on a sound footing.

The challenges with the cedi depreciation, declining revenues and rising budget deficit have largely resulted in the continuous rise in inflation.

The World Bank, IMF and some rating agencies in their latest assessment of the economy have cast doubt on an economic recovery anytime soon.

But Finance Minister says Ghanaians should soon see the results of these programs been implemented.