Inflation for May 2023 increases marginally to 42.2%

The year-on-year Inflation for May 2023 has increased to 42.2% from 41.2 % recorded in April 2023.

The marginal increase was largely influenced by a spike in food prices during the period.

According to the Ghana Statistical Service, Food Inflation went up significantly from 48.7 percent in April 2023 to 51.8 percent for the month of May 2023.

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However, the Non-Food Inflation declined from 35.4 percent in April to 34.6 percent in May 2023.

The Government Statistician, Prof. Samuel Kobina Annim made the announcement in Kumasi in the Ashanti region.

Prof. Annim explained that the contribution of Food Inflation to the overall national inflation rate was the highest in 17 months.