It’s been just two months since the year 2022 began but prices of goods and services have started shooting up aggressively.
The national year-on-year inflation rate was 13.9% in January 2022, which is 1.3 percentage points higher than the 12.6% recorded in December 2021.
Inflation is the rise in the general prices of goods and services over a certain period, thus a rise in inflation may mean an increase in the price of commodities on the market.
Here are some of the items whose prices have shot up this year:
Fuel prices have been on a frequent rise in the past few years. The price of petroleum products has seen an upward trajectory to record hit and pass the 7cedis mark projected by experts. Petrol and diesel at most fuel pumps in the country sell at above 7cedis from a previous 4cedis about ten years ago.
Meanwhile, projections and forecasts by experts indicate that prices of Liquefied Petroleum Gas (LPG), diesel and petrol are likely to go up again a second time this year by mid-February.
Most households in the country have been widely affected by these fuel price hikes especially liquified petroleum gas as it is being used for cooking for homes, schools, restaurants and businesses.
In times past, the general state of the economy was measured by how much a ball of kenkey costs. This is because Ghanaians consumed a lot of maize thus the prices of maize affect the prices of other foodstuffs.
Kenkey now sells at 3cedis from a previous 1cedi in 2020. This is almost a 200% increase in the space of 2years. Consumers of the delicacy have lamented the upward increase as disturbing and a cause for alarm.
Bread has also witnessed a price increase as GhanaWeb checks have shown that a loaf of bread which was sold at 5cedis in 2020, is now being sold at 10ghana cedis in 2022.
This indicates a 100percent increase in the price of bread. Bakers have attributed the price increment to the rising cost of flour, egg and other inputs responsible for the making of bread.
Farmer associations in the country are lamenting the over 200% increase in the price of fertilizer in the country.
Government’s approved cost of 50 kg NPK fertiliser is now GH¢320, up from GH¢108 last year.
This is a 200% increase in a year, also translating to an increase in the cost of inputs for production.
This increase can lead to the prices of foodstuff on the market or even a shortage of food.