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13.11.2019 Business & Finance

Inflation Rate For October Climbs Up To 7.7%

By Charles Ayitey
Inflation Rate For October Climbs Up To 7.7%

The year-on-year inflation rate for October, 2019 has hit 7.7% up by 0.1 percentage point from the 7.6 percent recorded in September 2019.

According to the Ghana Statistical Service, month-on-month inflation between September 2019 and October 2019 was 0.4 percent as alcoholic beverages, tobacco and narcotics (13.2 percent) and transport (12.9 percent) being the divisions with the highest rates of inflation.

Meanwhile, food remains the main driver of inflation in Ghana but less so than in two months previous months. Compared to previous months, transport is now a larger driver of inflation totally due to the increased prices in both bus fares and fuels.

Food and Non-Food inflation

The Food and Non-alcoholic beverages Division recorded a year-on-year inflation rate of 7 percent.

This is 1.5 percentage points lower than what was recorded in September 2019 (8.9 percent). Between September 2019 and October 2019, the price level of food and non-alcoholic beverages went down slightly by -1.2 percent. This decline is predominantly driven by a decline in price levels of vegetables and fruits.

Regional Inflation

At the regional level, the year-on-year inflation ranged from 3.6 percent in the Upper East, 6 percent in the Upper West, 6.9 percent in the Northern Region, 4.5 percent in the Brong Ahafo Region, 5.1 percent in the Ashanti Region, 5.9 in the Eastern Region, 8.9 in the Volta Region, 5.4 percent in the Western Region, 9.2 percent in the Central Region to 11.8 percent in the Greater Accra Region.

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