Ghana’s annual inflation rate jumped to a four-month high in October, reducing the chances of another interest-rate cut later this month.

Consumer prices rose 22.1% from 21.5% in September, Government Statistician Samuel Kobina Annim, told reporters in the capital, Accra, on November 6, 2024.

In September 2024, the rise in inflation was attributed to the increase in food inflation as it surged from 19.1% in August to 22.1%.

But non-food inflation declined to 20.9 per cent from 21.5 percent in August 2024.

Inflation had seen a downward spiral to reach 20.4% for five months from the over 50% recorded in 2022.

The GSS noted that inflation on locally produced items and imported items increased.

Subsequently, the figure for imported items increased to 17.0 percent from 16.1 percent in August, whereas locally produced items recorded inflation of 23.4 percent from 22.2 percent in August 2024.

Restaurants and accommodation services recorded 27.9 percent, while Alcoholic beverages, tobacco and narcotics recorded 27.6 percent.

SSD/MA

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