Significant increases in the prices associated with food, transport and housing have pushed the national year-on-year inflation for March 2022 to 19.4 percent.<\/p>\n
This is according to the latest data from the Ghana Statistical Service.<\/p>\n
The rate is a 3.7 percentage points higher than the 15.7 percent recorded in February 2022.<\/p>\n
The rise in the inflation rate for March 2022 is the highest recorded since the Ghana Statistical Service rebased the Consumer Price Index in August 2019.<\/p>\n
Speaking at a press conference, the Government Statistician, Professor Samuel Annim highlighted the impact that the increases in core influencers had on the increase in the overall inflation rate for March 2022.<\/p>\n
Food and Non-Food Inflation<\/strong><\/p>\n According to the figures, food inflation recorded a rate of 22.4% in March 2022, compared to 17.4% in February 2022.<\/p>\n Non-food inflation however recorded a rate of 17.0% in March 2022, from 14.5% recorded in February 2022.<\/p>\n Transport including fuel recorded the highest inflation rate of 27.6%, followed by housing with an inflation rate of 21.4%.<\/p>\n Month-on-month inflation between February 2022 and March 2022 was 4.0%. However, on a month-on-month basis, food inflation exceeded non-food inflation by 0.8 percentage points.<\/p>\n Also, local inflation shot up to 20% in March 2022, as against 17.3% of imported goods or inflation.<\/p>\n The Consumer Price Index (CPI) measures changes in the price of a fixed basket of goods and services purchased by households.<\/p>\n The assumption is that the basket is purchased each month; hence as price changes each month, the total price of the basket will also change. The rate of inflation is the relative change in CPI between periods.<\/p>\n Highlights of the report released by GSS:<\/strong><\/p>\n 1. Year-on-year inflation for March 2021 \u2013 March 2022 was 19.4%.<\/p>\n 2. Month-on-month (February 2022 \u2013 March 2022) inflation was 4.0%.<\/p>\n 3. Food inflation has extended its dominance over non-food (22.4% versus 17.0% respectively).<\/p>\n 4. On a month-on-month basis food inflation exceeds non-food inflation by 0.8 percentage point (4.5% vs. 3.7%)<\/p>\n 5. Transport (which includes fuel) recorded the highest inflation (27.6%) followed by Food and Housing (22.4% and 21.4% respectively)<\/p>\n 6. Contribution of food and non-Alcoholic beverages to overall inflation increased by 2.0 percentage points this month from 49.4% in Feb. 2022 to 51.4% in Mar. 2022.<\/p>\n 7. The gap between the inflation for locally produced items and imported items is retained<\/p>\n 8. Brong Ahafo Region (23.1%) recorded the highest inflation and Upper East Region the lowest (12.5%)<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Significant increases in the prices associated with food, transport and housing have pushed the national year-on-year inflation for March 2022 to 19.4 percent. This is according to the latest data from the Ghana Statistical Service. The rate is a 3.7 percentage points higher than the 15.7 percent recorded in February 2022. The rise in the […]<\/p>\n","protected":false},"author":1,"featured_media":1055221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1552,1990,2740,227,4095,601,5569,983],"class_list":["post-1055220","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-food","tag-hike","tag-housing","tag-inflation","tag-march","tag-prices","tag-push","tag-transport"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1055220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1055220"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1055220\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1055220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1055220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1055220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/04\/inflation-for-march-2022.jpg\")
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