Ghana’s annual inflation for the month of October dropped marginally to 10.1 percent as against 10.4 percent in September 2020.The figure represents a year-on-year change rate of 0.3 percent and a month-on-month change rate of 0.2 percent.
The Government Statistician, Prof. Samuel K. Annim, who presented the Consumer Price Index and inflation rate for October, 2020, on Wednesday, attributed the drop in inflation rate to food inflation.
He said the food and non-alcoholic beverages in the period under review recorded a year-on-year inflation rate of 12.6 percent.
“This higher inflation rate for food translates into food having a higher contribution to overall inflation. Food contributed 54.7 percent to the total inflation and thus is still the predominant driver of year-on-year inflation,” Prof. Annim said.
He said vegetables within the food subclass recorded the highest inflation rate of 24.9 percent, saying “this high inflation for vegetables is explained by the relatively low index for vegetables back in October 2019.”
Prof. Annim however, said the non-food inflation stood at 8.3 percent, the lowest since April, 2020.
Within the Non-food inflation sector, he said housing, water, electricity and gas, recorded inflation of 20.2, above the sector average of 8.3 percent.
Local media reports on Friday quoted Prof. Annim as saying that inflation for imported good stood at 5.1 percent, while the inflation of local goods was 12.2 percent, with a difference of 7.1 percent.