Following four consecutive declines, May inflation marginally increases to 42.2%

Inflation for May 2023 has experienced a marginal increase, rising from 41.2% in April 2023 to 42.2%.

The Government Statistician, Prof. Samuel Kobina Annim, disclosed that the main drivers of this inflation are food and non-alcoholic beverages constituting 52.4%. Housing, Water, Electricity, Gas, and other fuels constituted 13.1%, and transport contributed 9.2%.

Clothing and footwear had 6.4% while furnishings and household equipment had 4.4%. Insurance and financial services constituted the lowest with 0.1%.

Speaking to journalists and other stakeholders at the Kumasi Technical University, Prof. Annim stressed that the data from the Ghana Statistical Service is credible as extensive research has been conducted.

He also described Greater Accra as the most expensive region in Ghana in comparison with others.

Ghana is currently grappling with its worst economic crisis in a generation which has forced authorities to restructure its debt.

Authorities turned to the International Monetary Fund for a support package in July last year.

Inflation reached a more than two-decade high of 54.1% in December, but it declined for the fourth consecutive month up to April.