The inflation rate of West Africa’s second-largest economy, Ghana has slowed for the 3rd month in a row to a rate of 10.1%. However, food inflation rose to 12.6% in October compared to 11.2% in September.
Statistician to the Ghanaian Government, Kobina Annim, announced the current rate.
He also disclosed that the main factors contributing to the reduction in inflation rate were housing, electricity, and transportation.
Ghana’s food inflation rate climbed to 12.6% in October compared to 11.2% in September as costs climbed by 0.1% monthly.
Ghana’s Central Bank disclosed that it expects inflation to be between 6% to 10% in the second quarter of 2021.
The Ghanaian inflation rate is much less volatile compared to her West African neighbor, Nigeria, which recorded an inflation rate of 13.71% (year-on-year) in September 2020.
According to the Consumer Price Index (CPI) report released by Nigeria’s statistics agency, the National Bureau of Statistics (NBS), Nigeria has a persistent increase in inflationary rate, growing from 12.13% in January to 13.71% in September, which is the highest recorded in 30 months.
Nigeria’s food inflation rate rose by 16.66% in September 2020, 0.66% increase when compared to 16% recorded in the previous month.
On a month-on-month basis, the food sub-index rose by 1.88% compared to 1.67% recorded in August 2020.