Inflation rate for October 2021 hits 11%

The national year-on-year inflation rate was 11.0% in October 2021 – 0.4 percentage points higher than the 10.6% recorded in September 2021.

This means that in October 2021, the general price level was 11.0% higher than in October 2020

According to the Ghana Statistical Service (GSS), month-on-month inflation between August and September 2021 was 0.6%

Housing, water, electricity, gas and other petroleum products (20.6%) recorded the highest inflation.

Food inflation for October (11.0%) was higher than in September (11.5%) and just above the average of the previous 12 months (10.3%).

Non-food year-on-year inflation on average went up in October, compared to August (from 8.7% to 9.9%).

Transport (which includes fuel) recorded the highest variation of 5.2 percentage points between October 2021 (14.9%) and the preceding 12-month average (9.7%)

The contribution of food inflation to overall inflation further slowed down by 3.7 percentage points.

Inflation for locally produced items continue to dominate imported items but with a reduced margin (from 3.4 to 3.0 percentage points)

Inflation for locally produced items and imported was 11.8% and 8.8% respectively.

Inflation rates for Upper West and Northern regions remain high with the Ashanti Region recording the third highest.