According to the Ghana Statistical Service, rising food prices boosted the inflation rate to 19.4 percent in March 2022, the highest since August 2009.
Oil and fats (28.2%), water (27.1%), cereal products (25.0%), vegetables (23.8%), fish and other seafood (23.7%), fruits and nuts (22.1%), soft drinks (20.5%), and live animals and meat (20.2%) all had greater inflation rates than the national average.
Food inflation was 22.4 percent in March 2022, compared to 17.4 percent in February 2022, according to the numbers.
Non-food inflation, on the other hand, increased to 17.0 percent in March 2021, up from 14.5 percent in February 2022.
Transportation, which includes fuel, had the highest inflation rate of 27.6%, followed by Housing, which had a rate of 21.4 percent.
Inflation was 4.0 percent month over month between February and March 2022. Food inflation, on the other hand, outpaced non-food inflation by 0.8 percentage points month over month.
Furthermore, local inflation soared to 20% in March 2022, compared to 17.33% for imported goods or inflation.
Because of rising inflation, interest rates will continue to rise, as will the cost of loans.
The region of Bono Ahafo has the highest regional inflation rate of 23.3 percent.
For the first time in a long time, the Bono Ahafo region had the highest rate of inflation in the country, at 23.3 percent.
With a rate of 12.5 percent, the Upper East region had the lowest rate of inflation.
The Russian/Ukraine war has caused global inflation to skyrocket, putting a damper on cereals and grains, as well as fertilizer supplies.
Inflation rates in the United States and the United Kingdom are currently at 8.5 percent and 7%, respectively, in March 2022.
