Inflation rise by 320bps MoM to hit 40.4% at end-October 2022
Ghana’s headline inflation continues its upward trend as it rose by 320 basis points (3.2%) to reach 40.2% at the end of October 2022.
Inflation rate for the previous month – September 2022 – was 37.2%.
Announcing the inflation rate for the month October 2022, Government Statistician, Professor Samuel Kobina Annim noted that all items used in calculating for the rate of inflation, recorded an increase.
According to him, food inflation for October 2022 was 43.7% compared with the September’s food inflation which was at 37.8%
Also non-food Inflation for October was 37.8% compared with September’s non-inflation which was at 36.8%.
The inflation for locally produced items was 39.1% while inflation for imported items was 43.7%.
Ghana’s inflation rate since April last year, has risen showing no signs of slowing down.
According to a recent report by Databank, inflation is expected to further inch upwards to end the year at 43%.
At the current inflation rate of 40.3%, inflation has outstripped the upper limit of the Central Bank’s medium target band of 6%-10% by 30.3%.
Given the rise in inflation rate for the month of October, the Central Bank is expected to also further increase its monetary policy rate to rein in the country’s rising inflation.
