Over the following two months, it is expected that Ghana’s inflation rate will increase. This is mostly caused by the three new taxes’ adverse pricing effects as well as the most recent increases in electricity rates.
Ghana’s disinflation suffered a setback in May 2023 after four straight months of declining headline inflation. Inflation increased from 41.2 percent in April to 42.2% in May.
This slight increase was primarily caused by rising food inflation during that time, and IC Africa’s Ghana May 2023 inflation analysis predicts that this trend will continue.
However, due to the likelihood that producers and distributors may stagger price increases in response to deteriorating market conditions, these pressures are predicted to persist over the next two months.