The Government statistician, Alhassan Iddrisu, has announced that Ghana’s inflation rate dropped to 8.0 per cent in October,
Iddrisu told a news conference in Accra on Wednesday that the figure was lower than 9.4% recorded in September.
He noted that the figure for October is the lowest since mid-2021 and the 10th straight monthly decline.
Iddrisu attributed the drop in inflation to lower prices of food and goods in the country.
Notably, month-on-month inflation fell to -0.4 per cent, indicating a slight drop in headline prices across various consumer categories.
Food prices led the decline, slowing to 9.5 per cent from 11.0 per cent, while non-food inflation dropped to 6.9 per cent from 8.2 per cent.
Key contributors to the decline included cereals, vegetables, and oil products, likely due to improved domestic supply and seasonal harvests.
According to him, Goods inflation, which captures tangible items such as clothing, household appliances, and processed food, eased to 9.3 per cent, while services inflation, covering transport, housing, and education, slipped marginally to 4.6 per cent.
He explained that locally produced items registered 8.0 per cent year-on-year inflation, matching the national average, but were down 0.7 per cent month-on-month, suggesting domestic supply chains are stabilising.
Imported goods recorded 7.8 per cent inflation, slightly lower than September’s figure, the month-on-month change was positive at 0.3 per cent, a reminder that Ghana’s external exposure remains a potential spoiler for price stability.
GIK/APA