In July 2022, substantial rises in the cost of food and transportation caused Ghana’s inflation rate to reach 31.7% representing a total of 1.9 percentage point increase over the 29.8 percent rate recorded in June 2022.
Prices may increase if the cedi continues to decline and inflation increases, according to Sampson Asaki Awingobit, executive secretary of the Importers and Exporters Association of Ghana.
Sampson made this known while speaking in an interview with Citi News.
He said; “Prices have to go up, and they will continue to go up. Inflation is 31 percent so we can also increase prices by 40 percent. We have to hedge ahead, so we will be in our comfortable positions. We know it’s not okay to increase prices, but the current circumstances demand it until government does otherwise, that will be the way to go,”
Per a data released on Wednesday, August 10th 2022, by the Consumer Price Index (CPI), the inflation between June 2022 and July 2022 was 3.1%.
According to the data, food inflation rose again to 32.3% while non-food inflation was 31.3 percent.