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Business News Fri, 13 May 2022

'A good chunk of our 23.6% inflation was imported' – Ofori-Atta on inflation rate

Finance Minister Ken Ofori-Atta has said a number of African countries are facing economic challenges.

The minister was speaking at a press conference held in Accra on Thursday, 12 May 2022.

According to Mr. Ofori-Atta, 41 African countries have been hit by a severe food crisis, as well as fuel and financial problems.

“Today, 41 African economies are severely exposed to, at least, one of three concurrent crisis: rising food prices, rising energy prices, tightening financial conditions”, which, he said, Finance Ministers now call the dreaded three Fs: Food, fuel, and financial conditions.

According to him, “that is just a ripple through in all Africa, and food prices easily about 34 percent higher, crude oil prices, some 60 percent higher and global inflation has risen”.

“We saw our numbers yesterday move to 23.6 percent, a good chunk of it being imported inflation.”

For April 2022 the national year-on-year inflation rate recorded was 23.6 percent.

The Ghana Statistical Service (GSS) disclosed this on Wednesday, 11 May 2022.

While the month-on-month inflation for March 2022 and April 2022 was 5.1 percent.

View his Timepath below;

Source: classfmonline.com
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