Businesses and retail consumers will have to brace themselves and pay more interest on loans as inflation continue to surge.
According to the Ghana Statistical Service, year-on-year inflation serge to 40.4% on October 2022, 3.2 percentage points higher than the 37.2% recorded in September 2022.
The month-on-month inflation between September and October 2022 was, however, 2.7%.
The rising inflation rate was driven by food inflation (43.7%) and four other divisions in the non-food inflation category.
The other four divisions are Housing, Water, Electricity, Gas and Other Fuels (69.6%); Furnishings, Household Equipment ad Routine Household Maintenance (55.7%); Transport (46.3%) and Personal Care, Social Protection and Miscellaneous Goods and Services (45.5%).
Food inflation was 43.7% in October 2022, compared with 37.8% in September 2022.
Eight subclasses in the food inflation group recorded higher rates. This was distantly led by Water (64.3%) followed by Milk, Other Dairy Products, and Eggs (58.9%), and Sugar, Confectionery and desserts (54.6%).
Also in the case of month-on-month food inflation nine subclasses record rates higher than the national average. Milk and Other Dairy Products and Eggs recorded the highest, 7.8%.
Non-food Inflation was however 37.8% in October 2022, from 36.8% recorded in September 2022.
Eastern Region recorded the highest inflation of 51.1% in Ghana in October 2022.
It was followed by Greater Accra region (49.1%) and the Savannah region (47.6%).
The region with the least inflation was Volta (25.8%)
The Central Region (57.9%) recorded the highest food inflation while Greater Accra recorded the highest non-food inflation (53.2%