Inflation Rate for October 2022 was 40.4% – Ghana Statistical Service Report.
The Government Statistician, Professor Samuel Anim, has announced that the inflation rate for October was 40.4 percent.
He said at a press conference in Accra on Wednesday, November 9, that the rate was due to an increase in food prices.
Food inflation recorded the highest rate among all the components as opposed to non-food inflation, according to the Ghana Statistical Service.
The increase in food inflation indicates a jump of more than 3 percent from the previous rate of 37.2.
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Disaggregation of October 2022 Rate of Inflation
- Food inflation (0.437) was 43.7%
- Last month’s Food inflation was 37.8%
- Month-on-month Food inflation was 3.2%.
- Non-food Inflation (0.563) was 37.8%
- Last month’s Non-Food inflation was 36.8%
- Month-on-month Non-Food inflation was 2.3%
- Inflation for locally produced items was 39.1%
- Inflation for imported items was 43.7%
On year-on-year basis, the difference between Food inflation (43.7%) and Non-food (37.8%) was 5.9 percentage points.
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Shares of Inflation Across Divisions
The share of Food and Non-Alcoholic Beverages is the highest 47.0%, followed distantly by Housing, Water, Electricity and Gas (17.8%), Transport 11.7% and the division with the least share is Insurance and Financial Services, 0.1%.
Disaggregation of YoY and MoM Food Inflation by Subclass
Focusing on food inflation on a year-on-year basis (43.7%) for October 2022, 8 subclasses recorded higher rates. This was distantly led by Water (64.3%) followed by Milk, Other Dairy Products and Eggs (58.9%) and Sugar, Confectionery and desserts (54.6%).
Also in the case of month-on-month food inflation (3.2%) 9 subclasses record rates higher than the national average. Milk and Other Dairy Products and Eggs recorded the highest, 7.8%.
See Also: Inflation in Ghana is driven more by domestic factors-IMF
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October 2022 Regional Rates of inflation
Central Region (57.9%) recorded the highest food inflation while Greater Accra recorded the highest non-food inflation (53.2%)
Greater Accra Region (34.7%) contributed more than one-third of the October 2022, rate of inflation, followed by Ashanti 17.9%. The North East Region contributed the least with 0.6%.
Housing, water electricity, gas and other fuels (76.2%) recorded the highest rate of inflation in the Eastern Region, for food inflation in the Central Region, Fish and Other Seafood had the highest rate of inflation of 74.5%.
Housing, water electricity, gas and other fuels (76.2%) recorded the highest rate of inflation in the Eastern Region, for food inflation in the Central Region, Fish and Other Seafood had the highest rate of inflation of 74.5%.
Y-o-Y inflation varied upwardly by 3.2 percentage points between September (37.2%) and October (40.4%) 2022.
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