Increase in food prices, others push October inflation to 40.4 % …highest in 21 years

The country’s year-on-year inflation rate jumped to 40.4 per cent in October from 37.2 per cent in September, the highest in more than 21 years.

This represents a month-on-month change rate of 2.7 per cent between the inflation rates recorded in September and October.

The October 2022 inflation rate is the highest in more than 21 years using the old inflation series data set.

The Government Statistician, Professor Samuel K. Annim, who announced this at a news conference in Accra yesterday, said the October inflation rate was driven by housing, water, electricity, gas,  and other fuels, which recorded inflation rate of 69.6 per cent, furnishings, household equipment and routine households with an inflation rate of 55.7 per cent.

He said transport recorded an inflation rate of 46.3 per cent, personal care, social protection and miscellaneous and services, with an inflation rate of 45.5 per cent and food and non-alcoholic  beverages recording an inflation rate of 43.7 per cent.

The above divisions, Prof. Annim said recorded inflation rates above the national average of 40.4 per cent.

He said recreation, sport and culture (38.1 per cent), clothing and footwear (30.8 per cent), health (26.1 per cent), alcoholic beverages, tobacco and narcotics (24.3 per cent), information and communication (15.7 per cent), insurance and financial services (13.0 per cent), restaurants and accommodation services (11.0 per cent) and education (9.5 per cent) recorded inflation rates below the national average of 40.4 per cent.

The Government Statistician said food inflation in October 2022 rose to 43.7 per cent from 37.8 per cent in September 2022, with a month-on-month inflation rate of 3.2 per cent.

He said Non-food inflation rose marginally to 37.8 per cent in October, 2022 from 36.8 per cent in September, 2022, with a month-on-month change rate of 2.3 per cent.

Prof. Annim said food and non-alcoholic beverages contributed 47.0 per cent, housing water, electricity, gas, and other fuels 17.8 per cent, transport 11.7 per cent and clothing and wear contributed 6.2 per cent to the overall inflation.

He said insurance and financial services, health, restaurants and accommodation services and education services contributed the least to the overall inflation at 0.1 per cent, 0.5 per cent, 0.9 per cent and 1.5 per cent respectively.

“Inflation for locally produced items was 39.1 per cent in October, 2022  from 35.8 per cent in September, 2022, and inflation for imported items was 43.7 per cent in October, 2022 from 40.7 per cent in September, 2022,” Prof.Annim said.

On regional inflation, Prof. Annim said Eastern Region recorded the highest inflation rate of 51.1 per cent, while the Volta Region recorded the lowest inflation rate of 25.8 per cent.

The Government Statistician on  regional food inflation, said Central Region recorded the highest food inflation rate of  57.9 per cent, followed by Western North 55.3 per cent, Bono 54.9 per cent and Eastern Region 52.4 per cent  and Ahafo Region  recorded the  least food inflation rate of 29.1 per cent.

Prof. Annim said Greater Accra recorded non-food inflation rate of 53.2 per cent followed by Eastern Region at 49.9 per cent and the least non-food inflation was recorded by Upper West at 17.3 per cent.


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