Inflation in Ghana for October 2024 rose slightly to 22.1%, up from 21.5% in September, according to the Ghana Statistical Service (GSS). The increase was driven by higher prices in both food and non-food categories, which recorded inflation rates of 22.8% and 21.5% respectively.
Food inflation climbed to 22.8%, reflecting a continued rise in prices for essential goods. Non-food inflation also contributed to the overall rate, maintaining a steady pace at 21.5%.
Locally produced goods saw a notable increase, with inflation reaching 24.6% compared to 23.4% in September, indicating increased production costs within Ghana.
Imported goods, however, saw a decrease in inflation, dropping from 17.0% in September to 16.3% in October. This decline may reflect relative stability in the exchange rate or lower import costs for certain goods.
The rise in food prices and locally produced goods could affect household budgets, as consumers may face higher costs for everyday essentials. For policymakers, this trend highlights the need to address supply chain constraints and support local production to control inflation pressures.
