Ghana’s inflation rate has dropped for the third consecutive month, standing at 35.2% in October, compared to September’s rate of 38.1%.
This represents a 2.9% decrease over the period. The marginal drop in food inflation is said to have contributed to this decline in the general inflation rate, according to data from the Ghana Statistical Service (GSS). Food inflation was recorded at 44.8% in the same period, while non-food inflation stood at 27.7%.
Locally produced items had an inflation rate of 34.4%, while imported items had a rate of 34.4%, marking a significant drop from last month’s figure of 37.4%.
The Eastern Region reported the highest rate of food inflation, while Upper East Region reported the lowest.
This news comes at a crucial time when the Finance Minister, Ken Ofori-Atta, is set to present the 2024 Budget Statement and Economic Policy to the Parliament on November 15. Ghana’s Government Statistician, Prof. Samuel Kobina Annim, has hailed the decline in inflation as a positive development.
As the country continues its efforts towards economic recovery, this reduction in inflation rate may serve as a boost to investors and businesses looking to invest in Ghana.
By Vincent Kubi