Since December last year, the inflation rate has been on an upward trend, as the government began removing subsidies on gasoline this year, which increased fuel prices. Also, the weakening of the Cedi against the US dollar continues to hurt the cost of imported goods such as food and fuel.
In October, prices of food and non-alcoholic beverages rose by an annual 6.9 percent, 2.0 percentage points lower than the 8.9 percent recorded in September. Upward price pressures came from fish and seafood (9.1 percent), mineral waters (8.6 percent) and cereals (8.1 percent). Downward pressures, in contrast, came from coffee, tea and cocoa (0.5 percent) and milk, cheese and eggs (2.3 percent).
Within the non-food group, housing, water, electricity, gas and other fuels recorded the highest rate of 33.4 percent, followed by transport (26.3 percent) and clothing and footwear (18.3 percent). Inflation was lowest in the Communications subgroup (2.5 percent).
On a monthly basis, prices climbed 2.3 percent, after dropping by 0.7 percent in the previous two months.