Report by Nana POKU
Inflation figures released by the Ghana Statistical Service on 11th May for the month of April show a frighteningly high figure of 23 .6 % uncharacteristic of Ghana’s economy in 20 years span.
The highest inflation rate was 15.4 in 2016, and even then that one was considered as abnormal.
However, as a result of the global economic meltdown that has equally has impacted Ghana’s economy tremendously, the inflation rate has seen a critical rise, says Ghana’s Statistical Service.
Giving the figures, the Government Statistician indicated that last month’s inflation of 23.6 is the highest in the country in several years.
In March last month the inflation stood at 19.4 % with a difference of 4.2% in May this year, on year on year basis. Food inflation was 26.4 % as against 22.3 last month. Transportation had a highest inflation of 37.5 % in May this year compared to the same period last year.
Another components that saw a hike are the equipment and maintenance and services industry at 26.8 and food and non-food at 24.7 %.
The situation will put a lot of stress on the country’s economic order and the spending capacity of Ghanaians.
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