Ghana’s Statistical Service has announced that the inflation rate for the month of December 2022 increased to 54.1 per cent, up from 50.3 per cent in November 2022.According to local media reports, this is the 20th consecutive time the inflation rate had increased and is expected to impact the already high lending rates in the country, among other economic indicators.

The Government’s Statistician, Prof. Samuel Annim, said on Wednesday that the food inflation rose to 59.7 per cent, up from 55.3 per cent recorded in November 2022.

He explained that the Month-On-Month inflation was 4.1 per cent, while non-food inflation increased to 49.9 per cent from 46,5 per cent in November 2022.

Prof. Annim stated that the Month-On-Month non-food inflation was 3.6 per cent, while inflation for locally produced items was 51.1 per cent, while inflation for imported items was 61.9 per cent.