Ghana’s inflation rate declined further to 8.0 percent in October, a 1.4 percentage point decline compared to the 9.4 percent recorded the previous month, according to the latest data from the Ghana Statistical Service (GSS) on Wednesday.
Alhassan Iddrisu, a government statistician at the GSS, who addressed the media, said this is the lowest inflation rate since June 2021.
“Compared to September, food inflation declined 1.5 percentage points to 9.5 percent in October, while non-food inflation also declined 1.3 percentage points to 6.9 percent from the previous month’s level of 8.2 percent,” Iddrisu said.
Meanwhile, the inflation rate for locally produced and imported items stood at 8.0 percent and 7.8 percent, respectively, in October, compared to 10.1 percent and 7.8 percent, respectively, a month earlier.
In September, Ghana’s central bank cut its benchmark lending rate by 350 basis points to 21 percent, as inflation continued to ease. Enditem