Inflation in October increases marginally to 22.1%

The country’s year-on-year inflation rate rose marginally to 22.1 per cent in October 2024 from 21.5 per cent in September, 2024.

This represents a 0.6 percentage points increase in the rate of inflation.

On month-on-month, the country’s rate of inflation fell to 0.9 per cent in October 2024 from 2.8 per cent in September 2024, indicating a 0.3 percentage increase in the rate of month-on-month inflation.

The Government Statistician, Professor Samuel K. Annim, addressing a news conference in Accra yesterday to release the October 2024 Consumer Price Index and inflation revealed that the October inflation was the highest since July 2024 when the year-on-year inflation stood at 20.9 per cent.

He said non-food inflation rate rose to 0.6 percentage points increase to 21.5 per cent in October 2024 from 20.9 per cent in September 2024, with a month-on-month change rate of 1.4 per cent.

Prof. Annim noted that housing, water, electricity, gas and other fuels (27.6 per cent), restaurants and accommodation services (27.6 per cent), health (23.9 per cent) above the national average drove non-food inflation.

Insurance and financial services (16.8 per cent), transport (16.1 per cent), information and communication (13.1 per cent), recreation, sport and culture (19.1 per cent) recorded inflation rate below the national average.

Food inflation, he said, also rose by 0.7 percentage points increase to 22.8 per cent in October 2024 from 22.1 per cent in September 2024.

The Government Statistician further disclosed that vegetables like dried paper (91.8 per cent), beans (89.8 per cent) ginger (78.2 per cent), yam (67.2 per cent) and fresh tomatoes (50.2 per cent) which recorded inflation above the national food inflation rate 22.8 per cent drove food inflation.

He said inflation for locally produced items increased to 24.6 per cent in October from 23.4 per cent in September 2024.

Prof. Annim indicated that inflation for imported items fell to 16.3 per cent from 17.0 per cent in September 2024.

On regional inflation, the Government Statistician, stated that Upper East recorded the highest rate of inflation at 42.0 per cent.

Moreover, he said Savannah Region recorded the highest food inflation of 45.4 per cent, while Eastern Region recorded the lowest food inflation of 18.0 per cent.

Prof. Annim revealed that Upper East recorded the highest non-food inflation of 43.4 per cent and Oti Region recorded non-food inflation rate of 14.5 per cent.

BY KINGSLEY ASARE