Inflation Crosses 40%

Data from the Ghana Statistical Service (GSS) suggests that Consumer Price Inflation (CPI) rate has hopped to 40.4% in October 2022.

Food inflation was recorded at a rate of 43.7% while non-food inflation was 37.8%.

It said inflation for locally produced items was 39.1% whereas inflation for imported items was 43.7%.

The October 2022 inflation was driven by housing, water, electricity, gas, and other fuels (69.6%); furnishings, household equipment and routine household maintenance (55.7%); transport fares (46.3%); food and non-alcoholic beverages (43.7%); personal care, social protection and miscellaneous goods and services (45.5%).

In September 2022, the GSS recorded a national inflation rate of 37.9%.

Regions
The Eastern region recorded the highest inflation rate at 51.1%, followed by Greater Accra at 49.1%; Savannah at 47.6%; Central at 46.4%; Western North at 43.1%; and Bono at 42.4%.

The regions with inflation rates below the national average rate include Volta 25.8%; Upper West 27.0%; Northern 27.3%; Ashanti 29.6%; Ahafo 31.7%; North East 33.1%; Western 33.5%; and Upper East 33.6%.

The central region recorded the highest food inflation at 57.9%.

On the other hand, the Greater Accra region recorded a 53.2% non-food inflation rate- the highest among the sixteen regions.

Source: opemsuo.com/Hajara Fuseini