Inflation slows to 35.2% …driven by sharp drop in food inflation
The country’s inflation rate fell for the third consecutive months to 35.2 per cent from 40.1 per cent in August 2023.
In September this year, year-on-year inflation rate stood at 38.1 per cent.
The October 2023 inflation rate represents a decrease of 2.9 percent relative to the figure recorded in September this year.
On month-on-month basis, inflation fell to 1.6 per cent in October 2023from 1.9 per cent in September 2023, representing a decrease of 1.3 percentage points.
Addressing a news conference on Ghana’s October 2023 Consumer Price Index and Inflation in Accra yesterday, the Government Statistician, Professor Samuel K. Annim, attributed the fall in inflation to the “Sharper drop in food inflation in October 2023”.
Food inflation in October 2023 year-on-year, he said, fell to 44.8 per cent from 49.4 per cent in September 2023,and that the drivers of the food inflation were tea and related products with inflation rate of 103.1 per cent, cocoa drinks with inflation rate of 82.8 per cent, fruits and vegetables with inflation rate of 54.1 per cent, coffee and coffee substitutes with inflation rate of 52.1 per cent, and sea and other sea food with inflation rate of 49.9 per cent.
The Government Statistician noted that non-food inflation also fell from 29.3 per cent in September 2023 to 27.7 per cent in October 2023.
“Inflation for locally produced items in October 2023 was 34.4 per cent, while inflation for imported items in the same period stood at 37.0 per cent,” Prof.Annimstated.
The Government Statistician disclosed that alcoholic beverages, tobacco and narcotics (45.7 per cent), personal care, social protection and miscellaneous goods and services (45.0 per cent), food and non-alcoholic beverages (44.8 per cent), furnishings, household equipment and routine household maintenance (40.9 per cent), clothing and footwear (30.6 per cent) recorded year-on-year inflation rates above the national average of 35.2 per cent.
However, he said, recreation, sports and culture, (28.8 per cent), health (28.1 per cent), housing, water, electricity, gas and other fuels (25.3 per cent), transport (25.0 per cent), restaurants and accommodation services (22.6 per cent), information and communication (19.3 per cent), education services (12.9 per cent), and insurance and financial services (5.5 per cent) recorded inflation rates below the national average.
On the regional inflation, Prof.Annim said North East Region recorded the highest inflation rate of 47.5 per cent, followed by the Eastern (46.6 per cent) and Western (46.0 per cent).
He said eight regions, North East, 47.5 per cent, Eastern 46.6 per cent, Western 46.0, Volta 42.5 per cent, Northern, 40.6 per cent, Bono, 39.7 per cent, Western, North 37.8 per cent, and Bono East, 36.8 per cent, recorded rates higher than the national average of 35.2 per cent.
Professor Annim said Upper East, 34.2 per cent, Upper West, 32.5 per cent, Oti Region, 33.1 per cent, Central Region, 33.2 per cent, Savanna, 28.5 per cent, Ashanti, 32.2 per cent, Ahafo, 32.3 per cent, GA, 29.8 per cent recorded rates below the national average.
BY KINGSLEY ASARE
