Ghana’s inflation rate is 101.74%; GSS’s rate is ‘rubbish’ – Steve Hanke.
Ghana’s inflation rate is 101.74 %, which is approximately 1.9% more than the “official” rate quoted by the Ghana Statistical Service,
Professor of Applied Economics at Johns Hopkins and Senior Fellow at IndependentInst, Steve Hanke, has said.
“Today, I measure inflation in Ghana at a staggering 101.74%/yr, ~1.9x the ‘official’ rate”, Mr Hanke tweeted.
The Ghana Statistical Service, has said, “just keeps producing rubbish”.
The rate of Ghana’s inflation, according to the GSS, recently dropped from 54.1% to 53.6%.
This was the first marginal fall against a 19-month upward trajectory.
The fall pertained to the month of January 2023.
According to the GSS, month-on-month inflation between December 2022 and January 2023 was 1.7%.
Also, food inflation for January was 59.7%
Month-on-month food inflation was 2.8% while non-food Inflation (0.563) was 47.9%.
January’s non-food inflation was 49.9%.
Month-on-month Non-Food inflation was 0.8% with inflation for locally produced items pegged at 50.0%.
Inflation for imported items was also 62.5%
On a regional level, the Eastern Region recorded the highest year-on-year inflation of 66.2% while Greater Accra followed with an inflation of 65%.