According to a report released on Wednesday by the Ghana Statistical Service, the annual inflation rate for the month of June 2023 was 42.5%.
Professor Samuel Kobina Annim stated during a news conference on the CPI for June 2023 that the recorded inflation rate represented a 0.3 percentage point difference from the recorded inflation rate of May 2023.
“In May 2023 we saw a reversal of the downtrend that we started recording in January 2023 where the May 2023 rate of inflation stood at 42.2 per cent,” he stated.
According to him, June’s monthly inflation rate was 3.2% as opposed to May’s figure of 4.8%. This is a roughly two-third decrease from the rate observed in May 2023, he continued. Compared to the previous month’s food inflation rate of 51.8%, this month’s food inflation was 54.2%, a decrease of 3.9% from month to month. Comparing this month’s non-food inflation rate of 33.4% to last month’s non-food inflation rate of 34.6%, non-food inflation was down 2.6% month over month. Compared to imported goods, domestically manufactured goods experienced inflation at a rate of 35.9% versus 44.5%.
Based on the percentages of inflation across divisions for June 2023, the three biggest contributors to inflation were food and non-alcoholic beverages, which accounted for 54.7%, housing, electricity, water, petrol and other fuel, which contributed 11.9%, and transportation, which contributed 8%. However, insurance and financial services were the three least significant contributors. health contributed 0.6%, restaurants and lodging 0.5%, and other services made up the remaining 0.1%. The North East region has the highest regional inflation rates for both food and non-food at 79.0 per cent and 46.7 per cent, respectively.
The Greater Accra region had the lowest non-food inflation at 22.6%, while the Ahafo region had the lowest food inflation at 40.9%.