Ghana Statistical Service reported its inflation rate rose to 40.4% for the month of October 2022 as the cost of goods and services continue to surge in the West African nation.
The inflation rate in Ghana for the month of September was 37.2% suggesting the country’s economy battered by currency depreciation and fiscal challenges is not going away any time soon.
On a month-on-month basis inflation rate was 2.7% for the month under review compared to 2% in September 2022.
Other data: Food inflation for the month under review rose 43.7% year on year compared to 37.8% the month before
Inflation drivers: A cursory review of the data also reveals Ghanaians are experiencing higher inflation rates for housing, water, electricity, gas, and other fuels.
Relevance for Nigeria: Africa’s largest economy, Nigeria, is also experiencing galloping inflation currently at about 20.7% year on year.
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