Ghana’s Inflation Reached A 21-year High Of 33.9% In August.

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In order to help the country get through the harsh economic situation it is currently experiencing as a result of the negative impacts of the deadly coronavirus illness (COVID-19) epidemic and the ongoing conflict between Russia and Ukraine, Ghana is currently requesting US$3 billion from the IMF.

Housing, Water, Electricity, Gas, and Other Fuels (46.7%), Transport (45. 7%), Furnishings, Household Equipment, and Routine Household Maintenance (44. 7%), Recreation, Sport, and Culture (36.4%), Personal Care, Social Protection, and Other Goods and Services (36. 0%), and Food and Non-Alcoholic Beverages (34. 4%) were the main drivers of inflation. The national average for inflation was exceeded by all six divisions.

While non-food inflation also grew to 33.6% in August 2022 from 31. 3% in July 2022, food inflation increased to 34.4% from 32.3%. Similar to how inflation for locally produced goods was 34.4% while it was 35.2% for imported goods.

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