Government Statistician Prof. Samuel Kobina Annim has reported that Ghana’s annual inflation rate rose to 22.1% in October 2024, marking a 0.6 percentage point increase from the 21.5% recorded in September.
Addressing the media in Accra, Prof. Annim attributed this marginal uptick to rising costs in both the food and non-food sectors. Specifically, food inflation climbed to 22.8%, while non-food inflation reached 21.5%, up from its previous level of 20.9% the month prior.
A significant divergence was noted between the costs of local and foreign goods during this period. Inflation for locally produced items saw a notable increase, rising from 23.4% in September to 24.6% in October.
In contrast, the inflation rate for imported goods experienced a slight decline, dropping from 17.0% to 16.3%. This data suggests that domestic production costs and internal market factors are currently exerting more upward pressure on the general price level than international imports.
