Inflation rate drops for third straight month in October - GSS

The Ghana Statistical Service (GSS) has said the inflation rate for Ghana has dropped for a third straight month in October 2020.

According to the Government Statistician, Samuel Kobina Annim, this represents an inch closer to the Bank of Ghana’s target range.

Figures released by the GSS indicate the slowdown means the Bank of Ghana’s monetary policy committee could maintain its interest rate unchanged when its hold its quarterly meetings.

Additionally, annual consumer inflation slowed to 10.1 percent from 10.4 percent in September 2020.

“Month-on-month inflation between September 2020 and October 2020 was 0.2 percent. This contrasts with the negative month-on-month inflation that was observed the previous two months. However, this 0.2% is still less than observed than either pre-COVID or in the months since COVID-19,” the GSS said.

See the summary below: