Ghana recorded an inflation rate of 35.2 percent in October, 2.9 percentage points lower than the previous month, the Ghana Statistical Service (GSS) announced on Tuesday.
The declining rate in October marked the third consecutive time the inflation rate has declined since August.
Samuel Annim, the government statistician at the GSS, disclosed during the monthly press briefing that food inflation was the main driver for declining inflation in October.
“The inflation rate for food and non-alcoholic beverages declined further to 44.8 percent from 49.4 percent in September, while non-food inflation declined by 1.6 percentage points to 27.7 percent,” said Annim.
Meanwhile, inflation for locally produced and imported items stood at 34.4 percent and 37 percent respectively, according to the official.
Finance Minister Ken Ofori-Atta presented the 2024 budget statement on Wednesday, which was the first after the country commenced economic reforms backed by a loan of 3.0 billion U.S. dollars from the International Monetary Fund since May to revive an economy that has suffered severe structural challenges in recent years, with high inflation and increasing cost of living causing hardships for citizens.