Increases in food prices; housing, electricity and fuel, and three other divisions pushed inflation for the month of October 2022 to 40.4 %.
This means the cost of credit is expected to go up further as the Bank of Ghana is set to take a decision on the policy rate – the rate at which it lends to commercial banks- by November 25, 2022.
The food inflation recorded the highest rate among all the components as against non-food inflation, according to figures from the Ghana Statistical Service.
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The increase by food inflation indicates a jump of more than 3% from the previous rate of 37.2%.
Addressing the media, Government Statistician, Professor Samuel Kobina Annim explained that all items in the component for calculating the rate of inflation recorded an increase.
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For the month of October 2022, food inflation was 43.7%. This is compared to September 2022 rate of 37.8%.
“A careful study of the figures show that month-on-month food inflation was 3.2%.” he said.
He explained that non-food Inflation for October was at 37.8% compared to the previous month’s non-food inflation of 36.8% .
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By this, Professor Annim announced that the month-on-month non-food inflation recorded 2.3%.
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