Ghana inflation rate for October falls to 10.1%

The year-on-year inflation rate for October fell slightly to 10.1 per cent compared with 10.4 per cent the previous month.

Month-on-month inflation between September 2020 and October 2020 was 0.2 per cent, predominantly driven by month-on-month food inflation of 0.1 per cent.

The month-on-month the inflation rate of 0.2 per cent indicates that on average prices increase after two consecutive months of decrease.

Professor Samuel Annim, the Government Statistician, said during a virtual press conference that the figures contrasted with the negative month-on-month inflation that was observed in the previous month.

He said, however, the 0.2 per cent was still less than observed either pre-COVID-19 or in the month since COVID-19.

Food inflation was 12.6 per cent compared to 11.2 per cent in September while non-food Inflation was 8.3 per cent slightly lower from September 9.8 with a variation of 4.3 per cent.

The Inflation rate for locally produced items was 12.3 per cent compared with 5.1 per cent for imported items, a difference of 7.1 per cent.

At the regional level, the overall year-on-year inflation ranged from 1.6 per cent in the Upper West Region to 15.2 per cent in the Greater Accra Region.

On average, rural areas showed higher month-on-month inflation of 0.3 per cent but lower year-on-year inflation of 8.8 per cent than urban areas of 0.2 per cent month-on-month and 10.5 per cent year-on-year inflation.

Source: GNA