The inflation rate was 7.7% in October 2019, up by 0.1 percentage point from the 7.6% recorded in September 2019, the Ghana Statistical Service (GSS) has said.
The GSS, in a statement, said the month-on-month inflation rates between September 2019 and October 2019 was 0.4% for alcoholic beverages; 13.2% for tobacco & narcotics and (12.9%) for transport.
Those were the divisions with the highest rates of inflation.
The statement said due to its relative importance in consumption, food is still the main driver of inflation in Ghana, but less so than in the two previous months
Compared to previous months, transport is now a larger driver of inflation. This is mostly due to increased prices in both bus fares and fuels, the GSS said.
The food and non-alcoholic beverages division recorded a year-on-year inflation rate of 7.0%. This is 1.5 percentage points lower than what was recorded in September 2019 (8.5%). Between September 2019 and October 2019, the price level of food and non-alcoholic beverages went down slightly (-1.2%).
This decline, the GSS said, is predominantly driven by a decline in price levels of vegetables and fruits.
The national non-food year-on-year inflation for October 2019 was 8.2%, up from the 7.0% recorded in September 2019.
Non-food classes with the highest year-on-year inflation include transport services of goods (37.5%), narcotics (33.8%), passenger transport (14.1%), alcoholic beverages (12.4%), maintenance of dwellings (11.7%), electricity, gas and fuels (11.7%), and information and communication services (8.4%).
The inflation of imported goods was 8.9%, while the inflation of local goods was 5.9% on average.
Source: ClassFMonline.
