Ghana’s October inflation inches up to 11.0 per cent

The country’s year-on-year inflation rate inched up to 11.0 per cent in October from 10.6 per cent in September, the Ghana Statistical Service (GSS), has said.

October’s inflation rate is 0.4 per cent higher than the rate recorded in September and a month-on-month change rate of 0.6 per cent.

The Government Statistician, Professor Samuel K. Annim, who disclosed this during a news conference in Accra on Wednesday said Housing, Water, Electricity and Gas drove October’s inflation rate.

Housing, Water, Electricity and Gas recorded inflation rate of 20.6 per cent relative to the 20.0 per cent, higher than the national average of 11.0 per cent.

Prof. Annim indicated that food recorded an inflation rate of 11.0 per cent from 11.5 per cent in September, with the month-on-month deflation of 0.3 per cent.

“The contribution of food to overall inflation further slowed by 3.7 per cent percentage points,” he said.

The non-food sector recorded an inflation rate of 11.0 per cent in October from 9.9 per cent in September, creating a convergence with food inflation which also recorded inflation rate of 11.0 in the period under review.

Prof. Annim said convergence in the food and non-food inflation was the first since August 2019.

He said transport recorded an inflation rate higher than the national average at 14.9 per cent in October.

The Government Statistician said education (0.9 per cent), restaurants and accommodation (4.0 per cent), health (5.2 per cent) , insurance and financial services (7.1 per cent) , recreation and culture (7.2 per cent), household equipment and maintenance (7.3 per cent)  and clothing and footwear (7.7 per cent) recorded inflation rate below the national average.

The others are Information and Communication (7.8 per cent), personal care and miscellaneous goods 8.5 per cent, alcoholic beverages, tobacco and narcotics10.0 per cent.

Prof. Annim said inflation for locally produced items continue to dominate imported items as it recorded an inflation rate of 11.8 per cent against the imported items of 8.8 per cent.

In September, the Government Statistician said locally produced items recorded inflation rate of 11.5 per cent and imported items was 8.1 per cent.

On the regional inflation, Prof. Annim said Upper West recorded the highest overall inflation of 19.2 per cent, Northern Region (14.9 per cent), Ashanti Region (13.7 per cent), Greater Accra (12.3 per cent), Brong Ahafo (12.0 per cent), Upper East (11.8 per cent), Central Region (10.9 per cent).

He said Eastern had the lowest overall inflation rate of 1.9 per cent, followed by Western Region (7.7 per cent), and Volta (9.0 per cent).

BY KINGSLEY ASARE

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