October inflation is 40.4%: prices of goods continue to rise

The inflation rate for the month of October 2022 has hit 40.4% according to data from the Ghana Statistical Service (GSS).

The GSS’ release on Wednesday, November 9, revealed that the prices of food, housing, transport, water, electricity, gas, and other fuels continue to rise.

Per the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS), food and non-food inflation also rose to hit 43.7 percent and 37.8 percent respectively.

The Government Statistician, Professor Samuel Kobina Anim disclosed that the Eastern Region recorded the highest inflation among the 16 regions of the country 51.1 percent with the Central Region recording the highest food inflation of 57. 9 percent.

Inflation for the month of October was 3.2 percent more than the 37.2 percent rate recorded in September 2022.

Meanwhile, the Minority Leader, Haruna Iddrisu, says contrary to the GSS’ data, he will peg Ghana’s inflation rate between 58 to 60 percent.

In his view, the high inflation rate is eroding the real income of the people.

“I hear inflation this morning is 40.4 percent, but I say the unofficial rate is 58 60 percent. It means real income is eroded. Many Ghanaians can simply not afford the skyrocketing increase cost of living,” he said while speaking at the Political dialogue series organized by TV3

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