Finance Minister, Ken Ofori-Atta

The
year-on-year inflation rate for October, 2019 has hit 7.7 percent up by
0.1 percentage point from the 7.6 percent recorded in September 2019.

According
to the Ghana Statistical Service, month-on-month inflation between
September 2019 and October 2019 was 0.4 percent as alcoholic beverages,
tobacco and narcotics (13.2 percent) and transport (12.9 percent) being
the divisions with the highest rates of inflation.

Meanwhile,
food remains the main driver of inflation in Ghana but less so than in
two months previous months. Compared to previous months, transport is
now a larger driver of inflation totally due to the increased prices in
both bus fares and fuels.

Food and Non-Food inflation

The Food and Non-alcoholic beverages Division recorded a year-on-year inflation rate of 7 percent.

This
is 1.5 percentage points lower than what was recorded in September 2019
(8.9 percent). Between September 2019 and October 2019, the price level
of food and non-alcoholic beverages went down slightly by -1.2 percent.
This decline is predominantly driven by a decline in price levels of
vegetables and fruits.

Regional Inflation

At
the regional level, the year-on-year inflation ranged from 3.6 percent
in the Upper East, 6 percent in the Upper West, 6.9 percent in the
Northern Region, 4.5 percent in the Brong Ahafo Region, 5.1 percent in
the Ashanti Region, 5.9 in the Eastern Region, 8.9 in the Volta Region,
5.4 percent in the Western Region, 9.2 percent in the Central Region to
11.8 percent in the Greater Accra Region.