The year-on-year inflation for the month of October 2023 fell to 35.2% from the 38.1% recorded in September 2023.

Data from the Ghana Statistical Service (GSS) showed that the decrease in the general inflation rate can be attributed to the marginal drop in food inflation.

Food inflation in the period was 44.8%, while non-food inflation was 27.7%

In addition, inflation for locally produced item was 34.4% while imported items stood at 34.4% from 37.4% in last month.

4 divisions recorded inflation rates higher than national average

Four divisions record inflation rates higher than the national average (35.2%).

This was led Alcoholic Beverage, Tobacco and Narcotics (45.7%); Personal Care, Social Protection and Miscellaneous Goods and Services (45.0%); Food and Non-Alcoholic Beverages (44.8%) and Furnishings, Household Equipment and Routine Household (40.9%).

The Insurance and Financial Services (5.5%), however, recorded the lowest rate of inflation.

For the month-on-month, Restaurants and Accommodation Services (3.2%) recorded the highest rate of inflation and food inflation (0.1%), the lowest.

8 sub groups record inflation higher than food inflation

For food inflation, eight sub-groups recorded inflation higher than the national average.

They were led by Tea and Related Product (103.1%); Cocoa Drinks (82.8%); Fruit and Vegetable Juices (54.1%) and Coffee and Coffee Substitutes (52.1%).

North East region records highest inflation rate

The North East Region (47.5%) recorded the highest rate of inflation. It was closely followed by the Eastern (46.6%) and Western (46.0%) regions.

Eastern Region recorded the highest food inflation (65.3%) while Western Region had the highest for non-food inflation (43.9%).