Ghana’s inflation rises to three-month high on soaring food prices

Ghana’s inflation rate climbed to a three-month high in June, primarily driven by soaring food prices.

After reaching a more than two-decade high of 54.1% in December, inflation had gradually declined for four consecutive months until April. However, annual inflation accelerated to 42.5% in June, up from 42.2% in May, according to Government Statistician Samuel Kobina Annim.

During a press briefing today in Accra, Prof. Annim advised policymakers to critically examine the factors behind the increase in food inflation.

He highlighted that food inflation consistently showed a higher rise, with a difference of approximately 20 percentage points compared to non-food inflation.

Prof. Annim, addressing journalists after announcing the June inflation figures, pointed out that prices of essential staple foods, including vegetables and fish, continued to witness significant increases during the period. He emphasized the need to understand why food inflation was rising and called for a focus on narrowing the gap between food and non-food inflation.

According to Prof. Annim, food inflation stood at 54.2%, surpassing the national average. The prices of imported food products recorded a substantial increase of 43.8%, while locally produced items experienced a rise of 36.2%.