By: Edzorna Francis Mensah
The Consumer Price Index and Inflation Rate for October 2022 have increased by 3.2% recording 40.4% year-on-year after recording 37.2% for the period of September, 2022.
This means that in the month of October 2022 the general price level was 40.4% higher than October 2021 and Month-on-month inflation between September and October 2022 was 2.7%.
Food inflation (0.437) was recorded at 43.7% and last month’s Food inflation was 37.8% with Month-on-month Food inflation of 3.2%.
Non-food Inflation (0.563) stood at 37.8%, last month’s Non-Food inflation was 36.8% with Month-on-month Non-Food inflation of 2.3% and inflation for locally produced items was 39.1% compared to imported items which recorded 43.7%
At the news conference held in Accra on 9th November, 2022, by the Government Statistician on Wednesday, November 9, 2022, Professor Samuel Kobina Annin said, Domestic Inflation recorded 39.1% whereas Imported Inflation stood at 43.7%.
Background note
CPI for October 2022 based on the new series was 144.4 relative to 102.9 for October 2021 using the linked series. Prices are collected for 47,877 products every month from 16 regions. Price collection is done in 57 markets. Prices are collected from about 8,337 outlets. Products are ordered in a hierarchy of 13 Divisions, 44 Groups, 98 Classes, 156 Subclasses and 307 Items and every Item can only be part of one Subclass, and every Subclass can only be part of one Class, etc.
