Ghana inflation for October is record high at 40.4%

Ghana’s inflation has risen 2.7 per cent from September at 37.2 per cent to reach a record high of 40.4 per cent in October as the economy gets bleaker with a currency struggling to be stable.

According to the Ghana Statistical Service, housing, water, electricity and gas, with prices up 69.6 per cent, the highest category drove inflation in October. Followed by the prices of furniture, household equipment and maintenance at 55.7 per cent, and transport, including fuel, was third at 46.3 per cent.

Food inflation also rose to 43.7 per cent, from 37.8 per cent in September, driven by items such as water, milk, eggs and sugar, it added.

The Service noted that non-food inflation also rose from 36.8 per cent in September to 37.8 per cent in October, while inflation for locally produced items was 39.1 per cent, inflation for imported items was 43, 7 per cent.

By Emmanuel K Dogbevi