The Chief Executive Officer (CEO) of the Ghana Association of Bankers, John Awuah says he is alarmed by the rise in the inflation rate in the country.

According to Mr Awuah on JoyNews' PM Express Business Edition, the current inflation rate is of concern to the banking industry, adding that "we should all be concerned when inflation is trending in a direction that is (worrying)."

Data from the Ghana Statistical Service (GSS) indicates that inflation during August stood at 9.7%.

High cost of certain foodstuffs and housing was the reason provided by the GSS for this occurrence.

For imported inflation, the rate was 10.3%, whereas inflation rate of local goods was estimated at 8.1%.

Interacting with host, George Wiafe on Thursday, Mr John Awuah noted that inflation has risen four consecutive times just this year.

However, he stated that many may not be alarmed because the current rate is still within the single-digit range projected by the Bank of Ghana.

"I think the general sentiment is we are still within what the Bank of Ghana projected. We are still within the single digit. That is what gives some level of comfort."

Meanwhile, Deputy Finance Minister, John Kumah who also spoke on the show earlier had indicated that there will be stability in the economy before the end of the year.

"We have it under firm control. I can assure you. There is no cause for alarm. Some people should not be unnecessarily frightened that we are tipping points," he added.