- It was announced on Wednesday that Ghana’s inflation rate for October came in at 40%.
- The prices of basic commodities have been affected drastically.
- The inflation rate grew from 37.2% in September, making it the 17th month in a row the inflation is increasing.
Ghana’s economic state continues to trend towards the wrong direction.
Ghana for the 17th month in a row now has recorded an increase in its inflation rate, jumping to an all time high of 40 per cent.
Last month, the country’s inflation rate stood at 37.2%, which spurred a protest and caused the president of the country to raise an alarm. Read the story here.
Last month’s inflation was heavily influenced by the rising costs of housing, water, electricity, gas and other fuels division which all together recorded an inflation rate of 69.6%.
Other things that drove the inflation rate included household equipment and routine household maintenance (55.7%); transport (46.3%); personal care, social protection and miscellaneous goods and services (45.5%).
Samuel Kobina Annim, the Government Statistician, Professor, who made the announcement at a news conference on Wednesday, stated, “Food inflation increased from 37.8% to 43.7%in the month under review, while non-food inflation also rose to 37.9%.”
Inflation for locally produced items was 39.1 per cent, while that for imported items increased to 43.7 per cent.”
The rise in food prices was driven by a brisky rise in the price of water, which stood at an inflation rate of 64.3%.
Other key figures for the month of October are as follows; milk, dairy products and eggs (58.9%), sugar and desserts (54.6 %), fruit and vegetable juices (54.1%); fruits and nuts (52.4%); fish and other seafood (51.5%) cereal and cereal products (51.3%), and tea, live animals and meat (40.3%); oils and fats (39.4%), and soft drinks (36.6%) and other plant products (46.1%).
