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Why Ghana's Inflation Is Much Higher Than The Recorded 27.6%?

Inflation is ravaging the world and causing havoc to incomes of ordinary people. Pensioners who have saved and invested funds to earn some returns for their upkeep are also reeling under the inflationary pressure.

In Ghana, recent inflation recorded in May 2022 is 27.6% but analysts stated that our inflation is much higher than what is recorded by our institutions.

Citizens can also attest to the fact that prices of goods and services have increased over and above the 27.6% inflation figure for May.

Why is this the case?

The prices of goods and services has increased more than 100%. Petrol prices took off from around Ghc5 cedis and is currently Ghc10.10 cedis. That's an above 100% percentage increase in price of petrol alone. Diesel is much worse.

Many goods and services have seen astronomical price increases over a course of two months. There seems to be no end in sight for Ghanaians in terms of inflation and hardships that follows it.

The main reason why Ghana's inflation is higher than what is recorded is because inflation figures recorded by our institutions are just averages of all the prices of goods they use in the calculation of the monthly and annual inflation figures.

Being an average and not the total inflation figure, there is bound to wide variations.

Therefore prices of certain goods and services could have increased by 200% or even 500% but the average of goods in that category will be far lower.

Fellow Ghanaians, what is your take on this issue, how is the economy treating you? How do we manage in this time of extreme hardships? Let me know in your comments.

Content created and supplied by: gh-vivify (via Opera News )

Diesel Ghana


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