Ghana’s inflation jumps to 21.5% in September
GHANA’S inflation increased for the first time in six months, with the rate increasing from 20.4 per cent in August to 21.5 per cent in September, Government Statistician Professor Samuel Kobina Annim has announced.
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The September inflation was largely driven by food inflation which rose by three percentage points from 19.1 per cent to 22.1 per cent.
The surge in food costs was attributed to price hikes in staple items such as cereals, vegetables and other essential food products.
Non-food inflation on the other hand remained relatively stable.
The year-on-year non-food inflation rate dropped from 21.5 per cent in August to 20.9 per cent in September; Inflation for locally produced items 23.4 per cent, compared to 17 per cent for imprinted items.
Regional updates
On the regional level, inflation rates across Ghana's 16 regions showed significant variation in September.
The Savannah Region recorded the highest inflation rate at 36.4 per cent, reflecting the acute impact of rising food prices in that area, with food inflation reaching 49.9 per cent.
In contrast, the North East Region had the lowest inflation rate of 16.7 per cent, with food inflation at 15.1 per cent.
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Consistency
Ghana has been battling with high inflation since 2022, with the rate peaking at 54.1 per cent in December 2022.
This year, the country has witnessed a consistent decline in inflation which has prompted the Monetary Policy Committee of the Bank of Ghana to cut the policy rate twice this year.
The committee first cut the rate by 100 basis points from 30 per cent to 29 per cent and recently cut the rate again by 200 basis points to 27 per cent.