Ghana’s October consumer inflation surges to 11 percent again on high commodity prices

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Inflation
Inflation

Ghana’s consumer inflation, surged 0.4 percentage points to 11 percent year on year in the month of October from 10.6 percent year on year during the previous month, said Ghana Statistical Service (GSS) Wednesday.

This increase is the highest inflation rate over the past 15 months after recording 11.2 percent, 11.3 percent, and 11.4 percent in May, June, and July 2020, said the GSS.

Addressing the media, Samuel Kobina Annim, the Government Statistician, attributed the higher inflation rate to the uptick of non-food inflation, which increased 1.1 percentage points from 9.9 percent in September due to high higher costs in the housing, water, electricity, and gas group (20.6 percent) and the transport group (14.9 percent).

Significantly, both Food and Non-food inflation recorded 11 percent inflation in October, marking the first time inflation for the two groups converged since the rebasing of the inflation basket in August 2019.

“However, the contribution of food inflation to the overall year-on-year inflation slowed as food inflation, decreased -0.3 percentage points in October,” said Annim.

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