Economy

Inflation hits 40.4% in October

Ghana’s year-on-year inflation rose to 40.4 per cent in October from 37.2 per cent in September, the Ghana Statistical Service (GSS) has announced.

This means that in the month of October 2022 the general price level was 40.4% higher than in October 2021.

The Government Statistician, Professor Samuel K. Annim who disclosed this in Accra today said October’s inflation rate was mainly driven by housing, water, electricity, gas and other fuels; furnishings, household equipment and routine household maintenance; transport; personal care, social protection and miscellaneous goods and services as well as Food and non-alcoholic beverages.

He said housing, water, electricity, gas and other fuels recorded an inflation rate of 69.6 per cent; furnishings, household equipment and routine household maintenance recorded an inflation rate of 55.7 per cent; transport recorded an inflation rate of 46.3 per cent; personal care, social protection and miscellaneous goods and services recorded an inflation rate of 45.5 per cent.

Food-price increased to 43.7% from 37.8% in September, and non-food inflation rose to 37.8% from 36.8% after a month of rapid cedi depreciation.

Prof Annim said the Eastern region (51.1 per cent) maintained the lead as the region with the highest inflation and was followed by the Greater Accra region (49.1 per cent) and the Savannah region (47.6 per cent) in that order.

He added that the Upper West region recorded the lowest rate of inflation (27.0 per cent) followed by the Northern region (27.3 per cent) and the Volta region (25.8 per cent).

The headline inflation rate is now four times the top of the Bank of Ghana’s target band of 6 per cent to 10 per cent. The agency last month changed its reference year to 2021 from 2018.

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