Inflation reaches an all time high of 33.9% in 21 years

Data from the Ghana Statistical Service (GSS) has revealed that Inflation shot up to 33.9% in August 2022, the highest in 21 years.

This will continually increase the cost of borrowing by raising interest rates further.

The drivers of the rate of inflation rate once again are food and transportation.

On a monthly basis, the rate of inflation between July 2022 and August 2022 also went up  by 1.9%.

Food inflation rose again to 32.3%, while non-food inflation stood  at 31.3% according to figures by the GSS.

Meanwhile, the Eastern region recorded the highest inflation rate of 41%, while the Upper East region recorded the lowest rate of 22.8%.