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Shout about achieving 27.6% inflation - Adongo to Bawumia

Isaac Adongo121212 Deputy Ranking Member of Parliament's Finance Committee, Isaac Adongo

Thu, 9 Jun 2022 Source: www.ghanaweb.com

Isaac Adongo, Bolgatanga Central MP, has stated that he is waiting for the usual rhetoric from Vice President Alhaji Dr Mahamudu Bawumia for achieving the highest inflation of 27.6% in 18 years.

According to him, without a significant complementary fiscal action, not much will be achieved as a nation.

In a post on his Facebook timeline after the Ghana Statistical Service, GSS, announced the inflation for the month of May, the Deputy Ranking Member for the Finance Committee in Parliament wrote: "they say increasing policy rates will arrest inflationary pressures obviously caused by supply driven costs."

"Without a significant complementary fiscal action, not much will be achieved.

"I'm waiting to hear Dr Bawumia shout 'For the first time in 18 years, we have achieved [the] highest inflation of 27.6%'", Isaac Adongo added.

The MP predicted that, the government will add monkeypox to COVID-19 and Russia-Ukraine war as reasons for the 18-year high inflation to complete its monkey tricks.

"Government would soon add monkeypox to COVID-19 and Russia-Ukraine war as reasons for the 18-year high inflation to complete its monkey tricks.

"Yes, we have done better," his post concluded.

Inflation for the month of May

Ghana’s inflation has soared again to hit 27.6 percent in the month of May 2022.

This represents a four percentage points increase in the inflation rate compared to the 23.6 percent recorded in April 2022.

On a monthly basis, inflation however dropped by one percent to a record 4.1 percent in May 2022.

This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday, June 8, 2022.

According to the data, food inflation rose again to a record 30.1 percent compared to 26.6 percent recorded in April.

Non-food inflation stood at 25.7 percent in May, compared to 21.3 percent recorded in the previous month.

GSS also noted that this is the second time in 29 months that inflation for imported items exceeded domestic inflation.

Whilst inflation for locally produced items was 27.3 percent, inflation for imported items stood at 28.2 percent in the month under review.

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Source: www.ghanaweb.com
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