The year-on-year Inflation for May 2023 jumped to 42.2% from 41.2 % recorded in April 2023.
The marginal increase was largely influenced by a spike in Food Inflation during the period.
According to the Ghana Statistical Service, Food Inflation went up significantly from 48.7% in April 2023 to 51.8% in May 2023.
However, the Non -Food Inflation declined to 34.6% in May 2023, from 35.4% recorded in April 2023.
The Government Statistician, Prof. Samuel Kobina Annim made the announcement in Kumasi in the Ashanti region.
Prof. Annim explained that the contribution of the Food Inflation to the overall national inflation rate was the highest in 17 months.
From the data published by the GSS on division basis, Furnishing and Households equipment recorded the highest inflation of 57.8%.
It was followed by Housing, Water, Electricity, Gas and Other Fuels (54.0%); Personal Care, Social Protection and Miscellaneous Services (53.4%) and Food and Non-Alcoholic Beverages (51.8%).
These four groups recorded inflation higher than the national average.
Inflation for locally produced items was 36.2%, whilst inflation for imported items was 43.8%.
Clothing and footwear had 6.4% while furnishings and household equipment had 4.4%. Insurance and financial services constituted the lowest with 0.1%.
On regional rates of inflation, the Ashanti region recorded the lowest national inflation of 31%, while the Western North region recorded the highest inflation of 62.5%.
Speaking to journalists and other stakeholders at the Kumasi Technical University, Prof. Annim stressed that the data from the Ghana Statistical Service is credible as extensive research has been conducted.
He also described Greater Accra as the most expensive region in Ghana in comparison with others.
Ghana is currently grappling with its worst economic crisis in a generation which has forced authorities to restructure its debt.
Authorities turned to the International Monetary Fund for a support package in July last year.