Ghana has experienced a third consecutive decline in inflation, with a rate of 35.2% for the month of October.
This reflects a 2.9 percentage point decrease from the 38.1% recorded in September.
The latest Consumer Price Index (CPI) data, released by the Ghana Statistical Service on Tuesday, November 14, highlights the positive development.
The breakdown shows food inflation at 44.8% and non-food inflation at 27.7%.
Further analysis revealed a notable disparity between locally imported and internationally imported items, with locally imported items experiencing a rate of 34.4%, 2.6 percentage points lower than their imported counterparts, which registered at 37.0%.
Certain divisions demonstrated inflation rates surpassing the national average of 35.2%.
These divisions included Alcoholic beverage, tobacco, and narcotics at 45.7%; Personal care, social protection, and miscellaneous goods and services at 45.0%; Food and Non-Alcoholic Beverages at 44.8%; and Furnishings, household equipment, and routine household at 40.9%.
In contrast, Insurance and Financial Services recorded the lowest rate of inflation at 5.5%.
This news is particularly significant as Finance Minister Ken Ofori-Atta is scheduled to present the 2024 Budget Statement and Economic Policy to Parliament on Wednesday, November 15.
The consecutive drop in inflation adds a positive economic context to the budget presentation.
Government Statistician, Prof. Samuel Kobina Annim, expressed optimism about the decline in inflation, considering it a positive development for the economy.
He said the consecutive decrease in inflation rates suggests a stabilizing trend, providing a potential boost to economic confidence.