Prof Samuel Kobina Annim
THE YEAR-On-Year Consumer Price Inflation (CPI) for October 2022 has hit 40.4 per cent, according to the Ghana Statistical Service (GSS).
This means that in the month of October 2022 the general price level was 40.4 per cent higher 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 said food inflation was 43.7 per cent as against last month’s 37.8 per cent while month-on-month food inflation was 3.2 per cent.
Non-food inflation also rose to 37.8 per cent from the previous month’s 36.8 per cent.  Month-on-month Non-Food inflation was 2.3 per cent.
The GSS said inflation for locally produced items was 39.1 per cent while inflation for imported items was 43.7 per cent.
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.
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.
BY Jamila Akweley Okertchiri