Ghana’s inflation rate has surged to 31.7% in July from 29.8% recorded in June.
NewsBeatng reports that the country’s inflation rate touched a 19-month-high in June, as a result of a surge in transportation costs.
Policy analysts argued that the hike in transport cost was due to the sustained global energy prices, which has seen the price of gasoline hit record highs, as crude oil prices remain elevated.
The policy experts argued further that higher cost of household equipment and maintenance, utilities like electricity, gas, and water contributed to the uptick in the inflation numbers.
The West African nation has witnessed a sharp rise in its year-on-year inflation rate, despite averaging 12% in the last quarter of 2021. However, inflation rate averaged 27% in the second quarter of 2022 and is set upward with a 31.7% rate in the review month.
The surge came after Ghanaians had taken to the streets of Accra in June to protest against new taxes on electronic transactions as well as other economic hardship being faced by the people.
