Ghana has seen the highest increases in food prices since the turn of the year in Sub-Saharan Africa, recording a leading 122%, a World Bank report has stated.
According to the World Bank’s October 2022 Africa Pulse report, Ghana leads in Sub-Saharan Africa in food price increases since January 1st with a staggering 122% increase.
Ghana is followed by Senegal, Uganda, Nigeria and Kenya as the top five Sub-Saharan African countries with the highest food price increases.
Since the start of 2022, food prices have increased sharply in many countries as a consequence of the Russian/Ukraine war.
Food inflation in Ghana has been high, recording a year-on-year inflation of 34.4% in August 2022, according to the Ghana Statistical Service.
The drivers of food inflation in Ghana are Oils and Fats (67%); Fish and Other Seafood (42.9%); Water (42%); Cereal products (40%); Milk, Diary Products and Eggs (39.7%), Fruits and Vegetable Juices (37.7%) and Live Animals and Meat (34.5%). All of the items recorded inflation rates higher than the national average of 33.9%.
Overall, the World Bank said inflation breached the ceiling of the central bank target bands for all countries with an explicit nominal anchor.
The top ten African countries on the Food Price Index all saw food price increases over 100% from the start of the year, with Ghana’s 122% leading the way all the down to the Republic of Congo in 10th with 100% food price increases.
Source: theGhanaianVoice.Com