Inflation rate for September 2023 declines to 38.1%

The Government Statistician, Prof Samuel Kobina Annim, said the monetary policy review by the BoG contributed to the reduction in inflation

The year-on-year inflation rate for September 2023 has declined to 38.1% from 40.1% in August 2023, the Ghana Statistical Service (GSS) has announced.

This means that in the month of September 2023 the general price level was 38.1% higher than September 2022

The month-on-month inflation between August 2023 and September 2023 was 1.9%.

According to the government statistician, Professor Samuel Kobina Annim says food and non-alcoholic beverages together with housing, water and electricity were the major drivers of inflation.

Professor Annim said the monetary policy review by the Bank of Ghana (BoG) has contributed to the reduction in the inflation rate.

The food inflation for September 2023 49.4% as compared to 51.9% in August. The month-on-month food inflation was 1.6%.

Also non-food inflation for September was 29.3% compared to 30.9 % in August. The month-on-month non-food inflation was 2.1%

The inflation for locally produced items was 37.3% and inflation for imported items was 39.9%.

Regional breakdown

The Ashanti region recorded lowest inflation of 31.2% while the North East Region recorded the highest inflation of 54.4%.

The Greater Accra region also recorded an inflation of 33.9%.

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