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EconomyWed, 11 May, 22

March Inflation Hit 23.6% and The Upward Surging Continues

March Inflation Hit 23.6% and The Upward Surging Continues

Inflation rates have been surging upwards recently and it’s looking very much like the economy is in a bubble. The national year-on-year inflation rate was 23.6 percent in April 2022, which is 4.2 percentage points higher than the 19.4 percent recorded in March 2022. 

Month-on-month inflation between March 2022 and April 2022 was 5.1 percent. Four Divisions recorded inflation rates above the national average of 23.6 percent with Transport (33.5 percent) recording the highest inflation. 

This month’s food inflation is higher than both last month's food inflation and the average of the previous 12 months. Food inflation’s contribution to total inflation however, decreased from 51.4 percent in March 2022 to 50.0 percent in April 2022. 

Overall month-on-month food inflation was 5.8 percent, which is higher than both the twelve month national month-on-month rolling average of food inflation of 2.0 percent and the rate recorded for April 2021. 

Non-food year-on-year inflation on average went up again in April 2022 compared to March 2022, increasing from 17.0 percent to 21.3 percent. Only one out of the 12 Non-food Divisions had the 12 months rolling average to be higher than the year-on year inflation for April 2022.

According to the Government Statistician, Professor Samuel Kobina Anim, this is the first time in 29 months, Imported Inflation exceeded domestic Inflation in April 2022.

“The inflation for imported goods was 24.7 percent which is higher than the 17.3 percent recorded for March 2022. While the inflation for locally produced items was 23.0 percent (up from the 20.0 percent recorded in March 2022).”

At the regional level, the overall year-on-year inflation ranged from 18.4 percent in the Upper East Region to 26.7 percent in the Central Region. The Central Region again recorded the highest month-on-month inflation of 8.8 percent. 

Meanwhile, all the 16 regions recorded positive month-on-month inflation rate in April 2022 above the 2.0 percent.

 

Source: Abdul-Razak Mohammed(Real Estate Times Africa)

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