The year-on-year inflation for June 2023 stood at 42.5 percent, the Ghana Statistical Service said on Wednesday.
Speaking at a press briefing on the CPI for June 2023, Professor Samuel Kobina Annim explained that the recorded inflation rate signified a 0.3 percentage point difference between the recorded inflation rate of 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 percent,” he said.
He said the monthly inflation rate for June was at 3.2 percent compared to 4.8 percent in the previous month.
“This signifies about a two-third fall in the rate recorded in May 2023,” he added.
Food inflation was 54.2 percent with a month-on-month food inflation of 3.9 percent compared to last month’s food inflation figure of 51.8 percent.
Non-food Inflation stood at 33.4 percent with a 2.6 percent month-on-month figure compared to last month’s non-food inflation of 34.6 percent.
The inflation rate for locally produced items was 35.9 percent while that of imported items was 44.5 percent.
Based on the shares of inflation across divisions for June 2023, the three highest contributors were Food and non-alcoholic beverages accounting for 54.7 percent, Housing, electricity, Water, Gas, and other fuel contributing 11.9 percent to inflation while Transport accounted for 8 percent of inflation.
On the other hand, the three most minor contributors were insurance and financial services accounting for 0.1 percent, restaurants and accommodation services contributing 0.5 percent, and health accounting for 0.6 percent respectively.
On a regional basis, the North East region recorded the highest food and non-food inflation of 79.0 percent and 46.7 percent respectively.
Meanwhile, the Ahafo region recorded the lowest food inflation of 40.9 percent while the Greater Accra region had the lowest non-food inflation of 22.6 percent.
