Ghana’s annual inflation rate accelerated for the ninth consecutive month to 15.7% in February of 2022, from 13.9% in January.

That was the highest rate since October of 2016, exceeding the Bank of Ghana’s target band of 6% to 10% for a sixth straight month.

Food-price growth quickened to 17.4% from13.7% in January and non-food inflation accelerated to 14.5% from 14.1% in the previous month. On a monthly basis, consumer prices surged 2.4%, after increasing 2.1% in the prior month.

In Ghana, the most important components in the Consumer Price Index (CPI) are Food and Non Alcoholic Beverages (43.6 percent of total weight); Housing, Water, Electricity, Gas and Other Utilities (9.5 percent) and Clothing and Footwear (8.9 percent).

Transport account for 7.2 percent of total index, Miscellaneous Goods and Services for 7 percent, Hotels, Cafés and Restaurants for 6 percent and Furnishing and Household Equipment for 4.6 percent.

Education represents 3.8 percent of total weight, Recreation and Culture another 2.7 percent and Communication 2.6 percent. Health accounts for the remaining 2.4 percent and Alcoholic Beverages, Tobacco and Narcotics 1.6 percent.

credit: Trading economics