Inflation rate reaches 15-month high of 11.6 per cent in October

BY: GNA
Inflation rate reaches 15-month high of 11.6 per cent in October
Inflation rate reaches 15-month high of 11.6 per cent in October

The year-on-year inflation rate for October rose to 11.0 per cent, up 0.4 percentage points from 10.6 per cent recorded in September 2021.

Professor Samuel Kobina Annim, the Government Statistician, at a press conference on Wednesday, said the October inflation rate was the highest in the last 15 months.

He said housing, water, electricity, gas and other fuels drove the inflation rate for October.

The Government Statistician said the Month-on-Month inflation between September 2021 and October 2021 was 0.6 per cent.

The month-on-month food inflation for October 2021, he said was again less than non-food inflation by 1.6 percentage points.

He stated that transport, which included fuel, recorded the highest variation of 5.2 percentage points between October 2021 of 14.9 per cent and the percentage 12-month average of 9.7 per cent.

"Contribution of food inflation to overall inflation continues to slow down by 3.7 percentage points," he said.

Inflation for locally produced items, the Government Statistician said continued to dominate imported items but with a reduced margin from 3.4 to 3.0 percentage points.

He said the inflation for imported goods was 8.8 per cent, higher than the 8.1 per cent recorded in September, while the inflation for locally produced items was 11.8 per cent, up from the 11.5 per cent recorded in September.

At the regional level, Prof Annim said the overall year-on-year inflation ranged from 1.9 per cent in the Eastern region to 19.2 per cent in the Upper West Region.

However, the Upper East region recorded the highest month-on-month inflation of 1.8 per cent.

Three regions, Greater Accra, Upper West and Eastern, recorded negative rates.