Ghana Statistical Service has officially announced the latest inflation rate in Ghana for the month of October being 40.4 %.
Increases in imported items, food prices, housing, electricity and fuel, and three other divisions are the major determinants of the inflation rate for the month of October 2022.
This will culminate into an upward adjustment in the cost of credit as the Bank of Ghana is set to take a decision on the policy rate at which it lends to commercial banks by November 25, 2022.
The highest among the items in the inflation basket was food as against non-food inflation, according to the Ghana Statistical Service figures.
GSS Figures
The increase by food inflation indicates a jump of more than 3% from the previous rate of 37.2%.
The other four divisions are Housing, Water, Electricity, Gas and Other Fuels (69.6%).
Furnishings, Household Equipment ad Routine Household Maintenance (55.7%).
Transport (46.3%)
Personal Care, Social Protection and Miscellaneous Goods and Services (45.5%).
year on year inflation by subclass
disaggregation of yoy and mom food inflation by subclass
Local vs Imported Goods
Inflation for locally produced items – 39.1%,
Inflation for imported items – 43.7%.
Inflation by Regions
Eastern region records highest inflation rate
Eastern Region – inflation of 51.1% in October 2022.
Greater Accra region – 49.1%
Savannah region – 47.6%
Volta – 25.8%
The Central Region – 57.9% recorded the highest food inflation of 57.9%
Greater Accra recorded the highest non-food inflation of 53.2%
regional rates
Some analysts have bemoaned the figures put out by the Ghana Statistical Service and have added that these figures are not a complete reflection of the total market inflation as certain informal figures, not captured, also dictate the market prices.
