Accra, Ghana//-Figures released by the Ghana Statistical Service (GSS) today indicated that increases in food prices, housing, electricity and fuel, and three other divisions have pushed up inflation for the month of October 2022 to 40.4 %.
The country’s annual inflation rate accelerated for the 17th straight month to 40.4% in October 2022 from 37.2% in September of 2022, from 33.9% in August.
Drivers
According to the GSS, the food inflation recorded the highest rate among all the components including non-food inflation. The increase by food inflation indicates a jump of more than 3% from the previous rate of 37.2%.
The Government Statistician, Professor Samuel Kobina Annim explained to journalists in Accra that for the month of October 2022, food inflation was 43.7% as against 37.8% in September 2022.
“A careful study of the figures show that month-on-month food inflation was 3.2%”. while the month-on-month non-food inflation recorded 2.3%, Prof Annim said.
He noted that all items in the component for calculating the rate of inflation recorded an increase.
The country is not out of the galloping inflation yet as cost of credit is expected to go up further because the Bank of Ghana is set to take a decision on the policy rate – the rate at which it lends to commercial banks- by November 25, 2022.
