Inflation for October 2024 edged up slightly to 22.1%, compared to 21.5% in September, driven by increases in both food and non-food inflation.
This marks the second consecutive monthly rise following a five-month decline. Food inflation rose from 22.1% to 22.8%, while non-food inflation ticked up from 20.9% to 21.5%.
The 22.1% rate for the month of October 2024 is a 0.6 percentage point increase relative to the year-on-year inflation which was recorded the previous month.
“Disaggregating overall rate of inflation from your food and non-food perspective, we did record 22.8 percent for food inflation and 21.5 percent for non-food inflation for the month of October 2024″, Government’s statistician, Prof. Samuel Kobina Annim told the media in Accra on Wednesday.
The government has set a year-end inflation target of 15%, but with only a month left, elevated risks may challenge the achievement of this goal.
“Non food inflation has also increased by 0.6 percentage point, increasing from 20.9 percent for the month of September 2024 to 21.5 percent for the month of October 2024″, Prof. Annim added.
Locally produced items went up to 24. 6% compared to the 23.4% recorded in September. Imported items saw a drop to 16.3% compared to the 17.0% recorded in October.