Increase in food prices, others push October inflation to 40.4 %
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. The increase by food inflation indicates a jump of more than 3% from the previous rate of 37.2%.
The other four divisions are Housing, Water, Electricity, Gas and Other Fuels (69.6%); Furnishings, Household Equipment ad Routine Household Maintenance (55.7%); Transport (46.3%) and Personal Care, Social Protection and Miscellaneous Goods and Services (45.5%).
Food inflation was 43.7% in the month of October 2022, compared with 37.8% in September 2022. It has bigger weight than the above divisions.
Eight subclasses in the food inflation group 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 nine subclasses record rates higher than the national average. Milk and Other Dairy Products and Eggs recorded the highest, 7.8%.
![Increase in food prices, others push October inflation to 40.4 % Increase in food prices, others push October inflation to 40.4 %](https://www.myjoyonline.com/wp-content/uploads/2022/11/infla-3-1024x583.png)
Non-food Inflation was however 37.8% in October 2022, from 36.8% recorded in September 2022.
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.
![Increase in food prices, others push October inflation to 40.4 % Increase in food prices, others push October inflation to 40.4 %](https://www.myjoyonline.com/wp-content/uploads/2022/11/infla-2-1024x577.png)
Inflation for locally produced items was 39.1%, whilst inflation for imported items was 43.7%.
![Increase in food prices, others push October inflation to 40.4 % Increase in food prices, others push October inflation to 40.4 %](https://www.myjoyonline.com/wp-content/uploads/2022/11/inflate-1-1024x580.png)
Eastern region records highest inflation rate
Eastern Region recorded the highest inflation of 51.1% in Ghana in October 2022.
It was followed by Greater Accra region (49.1%) and the Savannah region (47.6%).
The region with the least inflation was Volta (25.8%).
The Central Region (57.9%) recorded the highest food inflation while Greater Accra recorded the highest non-food inflation (53.2%).
![Increase in food prices, others push October inflation to 40.4 % Increase in food prices, others push October inflation to 40.4 %](https://www.myjoyonline.com/wp-content/uploads/2022/11/infla-4-1024x583.png)
Source: myjoyonline
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