Attachments
KEY HIGHLIGHTS
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Ghana’s year-on-year (y-o-y) infation rate increased for the frst time since the beginning of the year to 42.2 percent in May from 41.2 percent in April. Food, in addition to housing and transportation, remains a major driver of the increased infation rate.
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Except for local rice, groundnut (red), and palm oil, which saw price decreases compared to the month before (April 2023), prices for key staples and agricultural inputs generally saw slight to signifcant increases during the month under review (May 2023) when compared with April 2023,
May 2022, and the fve-year average (2018 to 2022). -
With the exception of local rice, palm oil, and groundnuts, which saw price decreases ranging between 0 and -5 percent, all food commodities tracked during the review period saw price increase from one (1) to 18 percent when compared with the previous month. All commodities witnessed price rises between two (2) and 265 percent when compared with the same time last year and the fve-year average.
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The average monthly prices of key staples such as maize and rice were over 50 percent higher when compared with same period last year and over 120 percent when compared with the fve-year average.
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Most input prices during the review period showed a monthon-month increase between May 2023 and April 2023, ranging from two (2) to 16 percent and nine (9) to 265 percent when compared with the same period last year and the fve-year average.
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Food security and the means of subsistence for households in Ghana, especially the most vulnerable, continue to be threatened by the unrelenting price increases for essential agricultural inputs and staples and their diminishing impacts on purchasing power of households.