The year-on-year Inflation for May 2023 jumped to 42.2% from 41.2 % recorded in April 2023.
The marginal increase was largely influenced by a spike in Food Inflation during the period.
According to the Ghana Statistical Service, Food Inflation went up significantly from 48.7% in April 2023 to 51.8% in May 2023.
However, the Non -Food Inflation declined to 34.6% in May 2023, from 35.4% recorded in April 2023.
The Government Statistician, Prof. Samuel Kobina Annim, disclosed that the main drivers of this inflation are food and non-alcoholic beverages constituting 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 with 0.1%.
Speaking to journalists and other stakeholders at the Kumasi Technical University, Prof. Annim stressed that the data from the Ghana Statistical Service is credible as extensive research has been conducted.
He also described Greater Accra as the most expensive region in Ghana in comparison with others.
Ghana is currently grappling with its worst economic crisis in a generation which has forced authorities to restructure its debt.
Authorities turned to the International Monetary Fund for a support package in July last year.
Inflation reached a more than two-decade high of 54.1% in December, but it declined for the fourth consecutive month up to April.
