Inflation (year-on-year) shot up by 3.3% to 37.2% in the month of September, the Ghana Statistical Service has revealed.

This is against 33.9% recorded in August 2022.

According to the GSS, five groups recorded inflation rates higher than the national average in September.

They were Housing, Water, Electricity, Gas and Other fuels (68.8%); Furnishings, Household Equipment and Routine Household Maintenance (51.1%); Transport (48.6%); Personal Care, Social Protection and Miscellaneous Goods and Services (42.6%) as well as Food and Non-Alcoholic Beverages (37.8%).

The implementation of the utility tariff in September 2022 influenced the surge in inflation in Housing, Water, Electricity and other Fuels group.

Prior to the announcement of the September 2022 inflation, the Bank of Ghana adjusted upwards the policy rate to 24.5% to help fight inflation, though some analysts argue the increasing rate of inflation is largely supply driven.

According to the data, Food inflation for the month of September was 37.8%. Non-food Inflation was however 36.8%.

Inflation for locally produced items was 35.8%, but that of imported items was 40.7%.

Focusing on food inflation on a year-on-year basis (37.8%) for September 2022, 10 subclasses recorded higher rates. This was distantly led by Water (58.9%) followed by Milk, Other Dairy Products and Eggs (49.0%) and Sugar Confectionery and Desserts(48.0%).

Eastern region (47.1%) maintained its lead as the region with the highest inflation. It was followed by the Greater Accra (45.3%) and Central regions (41.9%).

Inflation surges to 37.2% in September 2022

The Upper West region recorded the least rate of inflation of (22.9%).

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