The headline inflation rate in Ghana increased to 31.7 percent in July 2022 from the previous month’s 29.8 percent, which caused inflation to continue to rise. Recall that a rise in transportation expenses caused the country’s inflation rate to reach a 19-month high in June.
The increase in transportation costs is a result of the persistently high global energy prices, which have caused gas prices to reach all-time highs as long as crude oil prices remain high. Inflation rates increased as a result of greater costs for utilities like electricity, gas, and water as well as household equipment and maintenance.
The West African nation has witnessed a sharp rise in its year-on-year inflation rate, despite averaging 12% in the last quarter of 2021. However, inflation rate averaged 27% in the second quarter of 2022 and is set upward with a 31.7% rate in the review month.
This uptick is coming after Ghanaians took to the streets of Accra in June to protest against new taxes on electronic transactions as well as other economic hardship being faced by the people.