BTA2023 Ghana’s inflation rate has climbed to 22.1 percent in October 2024, a slight increase from September’s 21.5 percent, as prices for both food and non-food items continue to rise.
This marks the second consecutive monthly increase following a period of decline, adding pressure to the government’s ambitious goal of bringing inflation down to 15 percent by year-end.
The Ghana Statistical Service attributed the rise to surges in food inflation, which rose from 22.1 percent in September to 22.8 percent in October, and non-food inflation, which climbed from 20.9 percent to 21.5 percent.
These increases suggest heightened economic pressures, with essential goods and services becoming more costly for Ghanaians.
Analysts warn that achieving the 15 percent target within the next two months may prove challenging, especially as factors like currency volatility, high global commodity prices, and ongoing supply chain issues continue to exert upward pressure on inflation.
Economic experts urge the government to take swift action, highlighting the need for targeted measures to manage both internal and external economic challenges.
With just a few weeks left in the year, the government is expected to announce new strategies to address inflationary pressures and stabilise prices.
