Ghana’s inflation rate falls to 35.2% in October

In October 2023, the rate of inflation decreased from 38.1% to 35.2%.

For the third time in a row, inflation has decreased.

The rate is down 2.9 percentage points from the September figure of 38.1%.
Inflation on food was 44.8%, while inflation on non-food was 27.7%.

The data were included in the Ghana Statistical Service’s Consumer Price Index (CPI) report, which was made public on Tuesday, November 14, 2023.

Samuel Kobina Annim, the government statistician, stated in Accra on Tuesday that the fall was mainly caused by a significant drop in food costs between September and October of 2023. The annual inflation rate decreased from 38.1% in September to 35.2%, indicating a cooling trend.

In anticipation of Finance Minister Ken Ofori-Atta’s impending introduction of the 2024 budget on November 15, the inflation statistics was released early.

October 2023’s annual inflation rate of 35.2% is 2.9 percentage points less than September 2023’s rate of 38.1%. Furthermore, October 2023’s month-over-month inflation was 0.6%, indicating a 1.3 percentage point decline.

There were noticeable differences in the rates of inflation for food and non-food products. While non-food inflation dropped by 1.6 percentage points to 27.7%, food inflation remained at 44.8%, down 4.6 percentage points from September.

Subsequent investigation showed that the inflation rate for locally imported goods was 34.4%, 2.6 percentage points less than that of imported goods, which registered 37.0%.

Inflation rates in several divisions were higher than the 35.2% national average. These comprised food and non-alcoholic beverages (44.8%); tobacco, alcohol, and drugs (45.7%); personal care, social protection, and other products and services (45.0%); and furnishings, home appliances, and everyday household items (40.9%). On the other hand, at 5.5%, the Insurance and Financial Services sector experienced the lowest rate of inflation.

Source: Ghanatodayonline.com