Ghana’s annual inflation rate accelerated for the 12th consecutive month to 27.6% in May of 2022, from 23.6% in April, breaking the upper ceiling of the central bank’s target band of 6% to 10% for nine months.

That was the highest inflation rate since January of 2004, in part due to a weaker cedi, with prices of imported goods rising more than domestic ones for the second month.

The introduction of a 1.5% tax on electronic payments, which was approved by parliament in late March also added to the inflationary pressures.

Prices climbed for both food (30.1% vs 26.6% in April), of which oils & fats, water and cereals; and non-food items (25.7% vs 21.7%), notably transport (39%), furnishings (33.8%) and housing & utilities (32.3%).

On a monthly basis, consumer prices rose 4.1%, down slightly from a 5.1% surge in the previous month