Inflation for October 2024 increased slightly to 22.1%, up from 21.5% in September, driven by higher prices in both food and non-food categories.

This marks the second consecutive month of inflation growth after a five-month period of decline.

Food inflation rose from 22.1% in September to 22.8% in October, while non-food inflation also saw an uptick, climbing from 20.9% to 21.5%.

Overall, October’s inflation rate represents a 0.6 percentage point increase compared to the previous month’s year-on-year inflation.

Government statistician Prof. Samuel Kobina Annim, speaking in Accra on Wednesday, November 6, confirmed these figures, highlighting the trends in both sectors:

“For October 2024, food inflation was 22.8% and non-food inflation stood at 21.5%,” he said.

Despite a target of 15% inflation by year-end, the government faces challenges in meeting this goal, especially with inflation continuing to rise in the final months of the year. Locally produced goods saw an even steeper increase, with prices rising by 24.6%, up from 23.4% in September.

In contrast, inflation for imported goods dropped slightly to 16.3% from 17.0% in the previous month.

Prof. Annim also noted that the increase in non-food inflation was a significant factor, rising by 0.6 percentage points from September’s rate of 20.9% to 21.5% in October.