Inflation in Ghana for October 2024 has risen slightly to 22.1%, up from 21.5% in September, according to the Ghana Statistical Service (GSS). This marks the second consecutive month of inflationary growth after a period of five months of decline.
The increase was driven by both food and non-food inflation. Food inflation, which directly impacts household expenses, rose from 22.1% in September to 22.8% in October.
This reflects the continued rising costs of essential food items such as cereals, vegetables, and oils.
Non-food inflation also saw an uptick, increasing from 20.9% to 21.5%, with significant contributions from transportation, housing, and fuel costs, which have been impacted by both global and domestic economic pressures.
This rise comes amidst various economic challenges, including fluctuating exchange rates and high public debt, that have placed pressure on prices of goods and services in the country.
The government has set a target to bring inflation down to 15% by the end of 2024, hoping to stabilize the economy and reduce the cost of living for Ghanaians.
Despite this, the government remains focused on measures to manage inflation, including efforts to strengthen local production and reduce dependence on imports.
However, analysts have warned that achieving this target may require significant adjustments to economic policy and further stabilization of key sectors.
