Ghana recorded an inflation rate of 35.2 percent in October, 2.9 percentage points lower than the previous month, the Ghana Statistical Service (GSS) announced on Tuesday.
October’s decline marked the third consecutive month of declining inflation since August.
Samuel Annim, the government statistician at the GSS, revealed during the monthly press briefing that food inflation was the main driver of the declining inflation in October.
“The inflation rate for food and non-alcoholic beverages declined further to 44.8 percent from 49.4 percent in September, while non-food inflation declined by 1.6 percentage points to 27.7 percent,” said Annim.
Meanwhile, inflation for locally produced and imported items stood at 34.4 percent and 37 percent, respectively, according to the official.
The West African country has been grappling with high inflation over recent years. In May, Ghana secured a loan of 3.0 billion U.S. dollars from the International Monetary Fund in hopes of reviving its economy.