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Ghana Inflation May 2023

Ghana: Inflation rises in May

Contrary to market expectations, inflation increased in May, coming in at 42.2% from April’s 41.1%. The acceleration was largely driven by rising prices for food and beverages as well as new taxes.That said, prices pressures for transport and housing softened. Overall, inflation for imported items remained higher than that for locally produced goods.

The trend pointed up, with annual average inflation coming in at 42.9% in May (April: 41.8%).

Lastly, consumer prices increased a seasonally adjusted 4.81% over the previous month in May, following the 2.34% rise logged in April. May’s jump marked the highest reading since November 2022.

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