Year-on-year inflation shot up marginally to 43.1% in July 2023, from 42.2% recorded in June 2023.
According to figures from the Ghana Statistical Service, the rising Food and Non-Alcoholic Beverages Inflation (55.0%) pushed the overall inflation up.
But Non-Food Inflation stood at 38.3% in July 2023.
For the regions, the North East Region recorded the highest inflation of 64.0%, while the Greater Accra Region recorded the lowest inflation of 31.8%.
A recent World Bank report revealed that high inflation rates in 2022 pushed an overwhelming 850,000 Ghanaians into poverty.
The report indicated that the severe economic crisis in 2022 characterized by soaring inflation rates had devastating consequences on food security and poverty in the country.
It also disclosed that the year-on-year inflation surged from 14% to a staggering 54 percent between January and December, making it the highest inflation level seen since the early 2000s.
The impact of this inflation spike according to the World Bank was particularly felt in the rising prices of food, which outpaced the increase in non-food items. As a result, the real purchasing power of Ghanaians plummeted, hitting the poorest segments of the population the hardest.
The report suggests that the government must put in place concerted efforts and strategic policies in the hope that Ghana can recover and ensure a more stable and prosperous future for its citizens.
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