Ghana’s year-on-year inflation increased to 40.4 percent in October, up from 37.2 percent in September, according to the Ghana Statistical Service (GSS).
This suggests that the general price level in October 2022 was 40.4% higher than in October 2021.
Professor Samuel K. Annim, the Government Statistician, stated in Accra today that the October inflation rate was primarily driven by housing, water, electricity, gas, and other fuels; furnishings, household equipment, and routine household maintenance; transportation; personal care, social protection, and miscellaneous goods and services, as well as food and non-alcoholic beverages.
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He stated that housing, water, electricity, gas, and other fuels experienced 69.6 percent increase; furnishings, household equipment, and routine household maintenance experienced 55.7 percent increase; transportation experienced 46.3 percent increase; and personal care, social protection, and miscellaneous goods and services experienced 45.5 percent inflation.
After a month of rapid cedi devaluation, food inflation surged to 43.7% from 37.8% in September, and non-food inflation rose to 37.8% from 36.8%.
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 went on to say that the Upper West region has the lowest rate of inflation (27.0%), followed by the Northern region (27.3%) and the Volta region (27.3%). (25.8 per cent).
The headline inflation rate is currently four times higher than the Bank of Ghana’s target zone of 6% to 10%. The agency updated its reference year from 2018 to 2021 last month.
SOURCE: GRAPHICONLINE
