According to the figures revealed by the Ghana Statistical service (GSS), the inflation rate jumped to an all time high of 40.4% for the month of October 2022.
The high inflation rate is responsible for the rise in the cost of goods and services in the west African country.
The inflation rate in Ghana for the month of September was 37.2% suggesting the country’s economy battered by currency depreciation and fiscal challenges is not going away any time soon.
On a month-on-month basis inflation rate was 2.7% for the month under review compared to 2% in September 2022.
By implication, the figure will impact the pressure on the country’s central bank to continue increasing borrowing costs, already at a five-year high.
A cursory review of the data also reveals Ghanaians are experiencing higher inflation rates for housing, water, electricity, gas, and other fuels.
The inflation rate for these items rose as much as 69.6% year on year indicative of the challenges faced by ordinary Ghanaians.
Furnishing and household equipment and transport also rose 55.7% and 46.3% respectively year on year.
However, Ghanaians pay less for Education with inflation. rising by just 9.5%
Meanwhile, Ghana’s neighbour in the West African region, Nigeria’s inflation figure for October is expected to be released next week.