Ghana inflation rate for October increases to 7.7%

The Year-on-year inflation rate for October increased slightly to 7.7 per cent, up by 0.1 percentage point from the 7.6 per cent recorded in September 2019.

Professor Samuel Kobina Annim, the Government Statistician, who announced this on Wednesday, attributed the increase to prices in both bus fares and fuels.

Food and non-alcoholic beverages recorded a year-on-year inflation rate of 7.0 per cent while the non-food group recorded a rate of 8.2 per cent.

He said alcoholic beverages, tobacco and narcotics recorded 13.2 per cent while transport recorded 12.9 per cent.

Prof. Annim said between September and October 2019, the price level of food and non-alcoholic beverages went down slightly by -1.2 per cent.

This decline was predominantly driven by a decline in price levels of vegetables and fruits.

Inflation of imported goods was 8.9 per cent while that of local goods was 5.9 per cent on average.

On regional basis, three regions recorded inflation rates above the national average of 7.7 per cent and these were: Greater Accra, 11.8 per cent, Central, 9.2 per cent, and Volta, 8.9 per cent.

Upper East Region recorded the lowest year-on-year inflation rate of 3.6 per cent in October 2019, Prof. Annim said.

Source: GNA