In October 2024, Ghana’s inflation rate edged up to 22.1%, a slight increase from September’s 21.5%, largely due to rising costs in both food and non-food sectors. This marks the second month in a row of inflation growth, following a five-month period of decline.
Food inflation climbed from 22.1% in September to 22.8% in October, while non-food inflation rose from 20.9% to 21.5%. The new October rate is a 0.6 percentage point increase over September’s figure, reflecting year-on-year pressures.
Presenting the latest figures at a press conference in Accra, Government Statistician Prof. Samuel Kobina Annim shared, “Breaking down the overall inflation rate, we observed a 22.8% inflation rate for food items and 21.5% for non-food items in October 2024.”
The government’s inflation target for the end of the year stands at 15%, but with only two months left, meeting this target appears increasingly challenging amid persisting economic pressures.
Prof. Annim further noted, “Non-food inflation also recorded a 0.6 percentage point increase, rising from 20.9% in September to 21.5% in October.”
Inflation for locally produced goods reached 24.6% in October, up from 23.4% in September, while inflation for imported goods eased slightly to 16.3%, down from 17.0% the previous month.
