Increases in food prices, housing, electricity, fuel and three other divisions pushed inflation for the month of October 2022 to 40.4 %.
This means the cost of credit is expected to go up further as the Bank of Ghana is set to take a decision on the policy rate – the rate at which it lends to commercial banks- by November 25, 2022.
The food inflation recorded the highest rate among all the components as against non-food inflation, according to figures from the Ghana Statistical Service.
The increase by food inflation indicates a jump of more than 3% from the previous rate of 37.2%.
Addressing the media, Government Statistician, Professor Samuel Kobina Annim explained that all items in the component for calculating the rate of inflation recorded an increase.
For the month of October 2022, food inflation was 43.7%. This is compared to September 2022 rate of 37.8%.
A careful study of the figures show that month-on-month food inflation was 3.2%.
He explained that non-food Inflation for October was at 37.8% compared to the previous month’s non-food inflation of 36.8%.
By this, Professor Annim announced that the month-on-month non-food inflation recorded 2.3%.