Ghana’s inflation rate fell to 8.0 per cent in October, down from 9.4 per cent in September, the Ghana Statistical Service (GSS) has announced.
This marks the lowest inflation rate in four years and the tenth consecutive month of decline.
Dr Alhassan Iddrisu, Acting Government Statistician, said the overall price level decreased by 0.4 per cent between September and October.
Food inflation declined to 9.5 per cent from 11.0 per cent in September, with food prices dropping by 1.0 per cent month-on-month.
Non-food inflation also eased to 6.9 per cent from 8.2 per cent, though non-food prices recorded a marginal increase of 0.04 per cent over the same period.
Inflation for goods decreased to 9.3% in October from 11.2% in September, indicating a 0.7% drop in prices. Meanwhile, services inflation slightly declined from 4.8% to 4.6%, with service costs rising by 0.5% month-over-month.
“Since goods make up about 75 per cent of the Consumer Price Index basket, the slowdown in goods inflation offers relief to consumers where it matters most,” Dr Iddrisu noted.
Local inflation fell from 10.1 per cent in September to 8.0 per cent in October, while imported inflation rose from 7.4 per cent to 7.8 per cent.
Across the regions, the North East Region recorded the highest inflation rate of 17.3 per cent, while Bono East recorded the lowest at 1.1 per cent.
Dr Iddrisu attributed the regional variations to factors such as local supply conditions, transport costs, and market access.
He encouraged businesses to invest in efficiency and local supply chains, reduce waste, and bolster sourcing from local producers. He also urged companies to pass their cost savings on to consumers to enhance trust and competitiveness.
He advised households to take advantage of the falling inflation to plan ahead, manage spending prudently, and save where possible.
Dr Iddrisu further called on the government to maintain fiscal discipline and focus on keeping food prices stable through improved storage, irrigation, and transport systems, while addressing regional disparities.