The nation’s annual inflation rate increased to 40.4% in October from 37.2% in September, which is the highest level in more than 21 years. Between the inflation rates seen in September and October, this translates to a monthly change rate of 2.7%. Using the old inflation series data set, the inflation rate for October 2022 is the highest in more than 21 years. At a news conference yesterday in Accra, the government statistician, Professor Samuel K. Annim, said the inflation rate for October was driven by housing, water, electricity, gas, and other fuels, which saw an inflation rate of 69.6%, and furnishings, household equipment, and regular households, which saw an inflation rate of 55.7%.
He claimed that although the cost of transportation had increased by 46.3%, the cost of personal care, social security, and other services had increased by 45.5%, and the cost of food and non-alcoholic beverages had increased by 43.7%. According to Prof. Annim, the aforementioned divisions had inflation rates higher than the national average of 40.4%. He claimed that sectors with lower inflation rates than the national average of 40.4% included recreation, sport, and culture (38.1%), clothing and footwear (30.8%), health (26.1%), alcoholic beverages, tobacco, and narcotics (24.3%), information and communication (15.7%), insurance and financial services (13.0%), restaurants and lodging services (11.0%), and education (9.5%).
According to the Government Statistician, food inflation increased to 43.7% in October 2022 from 37.8% in September 2022, with a monthly inflation rate of 3.2%. According to him, non-food inflation increased slightly from 36.8% in September 2022 to 37.8% in October 2022, with a monthly change rate of 2.3%. According to Prof. Annim, the contribution of food and non-alcoholic beverages to overall inflation was 47.0%, followed by housing, water, electricity, gas, and other fuels 17.8%, transportation 11.7%, and clothing and wear 6.2%. He claimed that at 0.1%, 0.5%, 0.9%, and 1.5% respectively, health, insurance and financial services, restaurants and lodging services, and educational services made the smallest contributions to overall inflation.
Inflation for locally produced goods decreased to 39.1% in October 2022 from 35.8% in September 2022, while inflation for imported goods increased to 43.7% in October 2022 from 40.7% in September 2022, according to Prof. Annim. In terms of regional inflation, according to Prof. Annim, the Volta Region had the lowest inflation rate at 25.8% while the Eastern Region had the highest at 51.1%. According to the government statistician, the Central Region had the highest rate of regional food inflation, at 57.9%, followed by the Western North region at 55.3%, Bono at 54.9%, the Eastern region at 52.4%, and the Ahafo region at 29.1%. According to Prof. Annim, Greater Accra had the highest rate of non-food inflation at 53.2%, followed by the Eastern Region at 49.9%, and Upper West had the lowest rate at 17.3%.
Source: allafrica.com
