Inflation Hits 40.4% | Economy

THE YEAR-On-Year Consumer Price Inflation (CPI) for October 2022 has hit 40.4 per cent, in accordance with the Ghana Statistical Service (GSS).

This implies that within the month of October 2022 the final worth stage was 40.4 per cent increased than October 2021.

Month-on-month inflation between September and October 2022 was 2.7 per cent, the GSS added.

Giving a breakdown of the contributors, the GSS stated meals inflation was 43.7 per cent as towards final month's 37.8 per cent whereas month-on-month meals inflation was 3.2 per cent.

Non-food inflation additionally rose to 37.8 per cent from the earlier month's 36.8 per cent. Month-on-month Non-Food inflation was 2.3 per cent.

The GSS stated inflation for domestically produced objects was 39.1 per cent whereas inflation for imported objects was 43.7 per cent.

This means the price of credit score is anticipated to go up additional because the Bank of Ghana is about to take a choice on the coverage fee – the speed at which it lends to business banks- by November 25, 2022.

Addressing the media, Government Statistician, Professor Samuel Kobina Annim, defined that each one objects within the element for calculating the speed of inflation recorded a rise.