Ghana’s inflation rate rose further in the month of July 2022 after the headline rate surged to 31.7%; from 29.8% recorded in the previous month. Recall that the country’s inflation rate touched a 19-year-high in June, as a result of a surge in transportation costs.
The hike in transport cost is due to the sustained global energy prices, which has seen the price of gasoline hit record highs; as crude oil prices remain elevated. Also, higher cost of household equipment and maintenance; and utilities like electricity, gas, and water contributed to the uptick in the inflation numbers.
The West African nation has witnessed a sharp rise in its year-on-year inflation rate; despite averaging 12% in the last quarter of 2021.
However, inflation rate average 27% in the second quarter of 2022 and is upward with a 31.7% rate in the review month.
This uptick is coming after Ghanaians took to the streets of Accra in June to protest against new taxes on electronic transactions as well as other economic hardships being faced by the people.