The Year-on-Year Inflation rate for the month of October has reached 40.4% at the back of increase in food prices.
Food inflation recorded the highest rate among all the components as against non food inflation according to the Ghana Statistical Service.
The increase by food inflation indicates a jump of more than 3 percent 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, Food inflation was 43.7%. Last month’s Food inflation was 37.8%. A careful study of the figures show that month-on-month Food inflation was 3.2%,” he said.
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%.
