Ghana’s Inflation Rises for Second Consecutive Month, Hits 22.1% in October

Ghana’s inflation rate has risen for the second consecutive month, reaching 22.1% in October 2024, up from 21.5% in September. The latest data from the Ghana Statistical Service (GSS) indicates continued pressure on consumer prices, highlighting ongoing challenges for households and businesses across the country.

The increase is largely attributed to rising costs in key sectors such as food, transportation, and housing. Experts note that the inflationary pressure reflects both global economic conditions and local factors, including currency fluctuations and supply chain disruptions. Food inflation, in particular, remains a significant contributor, impacting the cost of staple items and driving up the overall rate.

Economists warn that persistent inflation could affect Ghana’s economic stability and increase the cost of living for many Ghanaians. As prices rise, consumers may face additional financial strain, which could, in turn, impact spending and economic growth.

The Bank of Ghana has implemented various measures to control inflation, including adjustments to interest rates. However, the recent data suggest that these efforts have not yet fully curbed inflationary pressures. Analysts suggest that further interventions may be required to bring inflation back to targeted levels.

With inflation now at its highest in months, the government and financial institutions face growing pressure to address the underlying causes and alleviate the burden on citizens.