JUST IN: Inflation In Ghana Reaches 40.4% High

According to the Ghana Statistical Service, the country’s consumer price inflation (CPI) index for October 2022 was an astonishing 40.4 percent.

The new figure is the highest in over 20 years when compared to the 37.2 percent recorded in September.

In an interview with journalists on November 9, government statistician Professor Samuel Kobina Annim stated that the increase is mostly attributable to the recent spike in food prices.

While non-food inflation increased to 37.8 percent from 36.8 percent, the price of food increased by 43.7 percent from the 37.8 percent recorded in September of this year.

According to the GSS, month-over-month inflation increased to 2.7 percent in October from 2.0 percent in September of this year.

Moreover, the GSS pointed out that the country saw inflation of 43.7 percent for goods imported into the nation while it was 39.1 percent for goods made domestically.

Meanwhile, Prof. Annim added that housing, water, electricity, gas, and other fuels were additional elements that contributed to the 69.6 percent year-over-year inflation rate.

READ ALSO: Naira Joins Cedi To Compete For The Worst Currency In the World

Interestingly, the average Ghanaian, who has been coping with the country’s rising cost of living, is anticipated to face even greater problems as a result of the current inflation data.

The local currency’s approximately 57 percent decline between January 2022 to the present also offers a very bleak picture of Ghana’s economic predicament.

Since then, Bloomberg has ranked the cedi as the worst-performing currency worldwide out of 148 currencies it examined in a poll.