As expected, Inflation – which is the average change in price of goods and services – shot up by 0.4% to 11% in October 2021.
This was triggered by increase in Transport inflation as a result of rising fuel prices. Indeed, it was actually the item with the highest contribution to the increase in inflation last month.
However, the contribution of food inflation to the overall year-on-year inflation slowed down.
According to the figures from the Ghana Statistical Service, month-on-month inflation between September 2021 and October 2021 was 0.6%.
Food inflation was 11.0%, lower than that of last month (11.5%), whilst non-food inflation was also 11%, higher than September’s 9.9%.
In terms of items that contributed to the increase in inflation, Housing, Water, Electricity and Gas (20%) and Transport were the major contributors. However, the change in transport inflation compared to last month was significant.
Whilst inflation for locally produced items was 11.8%, that of imported items was 8.8%.
Upper West records highest inflation
For the regions, the Upper West region recorded the highest inflation rate of 19.2%. It was followed by the Northern region with inflation rate of 14.9%. The Ashanti and Greater Accra regions which were traditionally the regions with the highest inflation rates registered rates of 13.7% and 12.3% respectively.
Source: Joy Business