FLASHBACK: Hike in fuel prices pushes inflation to highest recorded since May 2020

Inflation for October 2021 reached 11% as the price of petroleum products kept increasing.

The increase was the highest the country recorded since May 2020.

Meanwhile, inflation reached 40.4% in October 2022.

Read the full story originally published on November 10, 2021, by GhanaWeb

Prices of petroleum products have pushed Ghana’s inflation rate to 11.0 percent in October 2021, the latest data from the Ghana Statistical Service has revealed.

The increase makes it the highest inflation recorded for the period since May 2020 on the back of rising petroleum prices which impacts the cost of goods and services.

The GSS in its latest bulletin for October 2021 explained that other factors which contributed to the sharp increase were due to hikes in the price of water, housing, electricity, gas, and transport.

Meanwhile, the contribution of food inflation to the overall year-on-year inflation witnessed a slowdown for the period while the national month-on-month inflation between September 2021 and October 2021 was 0.6 percent.

“Food inflation was 11.0 percent, lower than that of last month (11.5 percent), whilst non-food inflation was also 11 percent, higher than September’s 9.9 percent,” the GSS said.