Ghana’s inflation rate rises to 22.1% in October

As prices for both food and non-food items continue to rise, Ghana’s inflation rate increased slightly from September’s 21.5 percent to 22.1 percent in October 2024.

After a period of reduction, this represents the second consecutive monthly increase, which puts further pressure on the government to meet its ambitious target of getting inflation down to 15% by the end of the year.

The increase was ascribed by the Ghana Statistical Service to spikes in non-food inflation, which increased from 20.9 percent to 21.5 percent, and food inflation, which increased from 22.1 percent in September to 22.8 percent in October.

These increases point to increased economic pressures, as Ghanaians’ access to basic commodities and services is getting more expensive.

According to analysts, it might be difficult to reach the 15% objective in the next two months, particularly as continued supply chain problems, high global commodity prices, and currency volatility continue to push inflation higher.

Experts in economics advise the government to move quickly, emphasizing the necessity of focused actions to handle both domestic and external economic difficulties.

The administration is anticipated to unveil novel initiatives to combat inflationary pressures and stabilize prices in the last weeks of the year.

Source: Ghanatodayonline.com