Ghana’s consumer inflation has increased slightly to 42.2 % year-on-year in May from 41.2% in April.
According to the Ghana Statistical Service, inflation hit a more than two-decade high of 54.1 percent in December but slowed for a fourth straight month through April.
The government statistician, Professor Samuel Kobina Annim, said that the main drivers of this inflation are food and non-alcoholic beverages, which account for 52.4%. Housing, water, electricity, gas, and other fuels constituted 13.1%, and transport contributed 9.2%.
Clothing and footwear had 6.4%, while furnishings and household equipment had 4.4%. Insurance and financial services constituted the lowest percentage, with 0.1%.
Speaking to the media and other stakeholders at the Kumasi Technical University, Prof. Annim described Greater Accra as the most expensive region in the country.
Ghana is grappling with its biggest economic crisis in a generation and restructuring its debts.
Officials turned to the International Monetary Fund for an aid package last July after rampant inflation fueled the protests.
Inflation hit a more than two-decade high of 54.1 percent in December but slowed for a fourth straight month through April.
The central bank kept its key lending rate unchanged in May, saying tight monetary policy and a relatively stable exchange rate helped slow inflation.