Inflation hits 13.1 percent; highest in 3 years

Inflation went up by 1.2 percent in October to record a rate of 13.1 percent, the highest in three years.

According to figures from the Ghana Statistical Service, housing and utilities recorded the highest inflation rate between September and October. The monthly change was 2.3 percent as against -0.7 percent recorded in September.

The slightly weakened Ghana Cedi also contributed to the high rate of inflation in the month under review.

While non-food inflation went up to 17.7 percent from 14.2 percent in September, that of food inflation went down to 6.9 percent from 8.9 percent in September.

Three subgroups of the food and non-alcoholic beverages group recorded inflation rates above the group’s average. They include fish; mineral water and soft drinks and the cereals and products sub group.

Three sub groups including housing, water and electricity; transport and clothing and footwear recorded inflation rates above the national average.

Meanwhile, Western region maintained its lead as the region with the highest inflation rate of 15.8 percent inflation followed by the Greater Accra region with 15.3 percent inflation. The Upper East region recorded the least inflation rate of 5.7 percent.