The Ghana Statistical Service announced on Wednesday that the year-on-year inflation rate for June 2023 stood at 42.5%.
Professor Samuel Kobina Annim, speaking at a press briefing on the Consumer Price Index (CPI) for June 2023, highlighted that this represented a 0.3 percentage point difference from the recorded inflation rate in 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%,” Professor Annim stated.
He further noted that the monthly inflation rate for June was 3.2%, indicating a significant decrease compared to the previous month's rate of 4.8%.
Food inflation for June reached 54.2%, with month-on-month food inflation of 3.9%, while non-food inflation stood at 33.4%, with a 2.6% month-on-month figure.
The inflation rate for locally produced items was 35.9%, while that of imported items was 44.5%.
Among the divisions contributing to inflation in June 2023, the highest contributors were Food and non-alcoholic beverages (54.7%), Housing, electricity, Water, Gas, and other fuel (11.9%), and Transport (8%).
On the other hand, the smallest contributors were insurance and financial services (0.1%), restaurants and accommodation services (0.5%), and health (0.6%).
Regionally, the North East region recorded the highest food inflation at 79.0% and non-food inflation at 46.7%. In contrast, the Ahafo region had the lowest food inflation at 40.9%, while the Greater Accra region had the lowest non-food inflation at 22.6%.
