Inflation rises marginally to 21.5% for September

Inflation for the month of September 2024 has increased to 21.5 percent from 20.4 percent recorded in the month of August. The increase is as result of a rise in food inflation.

Food inflation surged to 22.1 percent from 19.1 in August 2024. However, non-food inflation declined to 20.9 percent from 21.5 percent in August 2024.

Government has targeted to end the year with an inflation target of 15%.

Inflation has been on the downward trend for five months running but government statistician, Prof. Samuel Kobina Anim while announcing this latest uptick suggested that there a still upside risks.

“This five-month successive decrease in the rate of inflation has been reversed in the month of September with food recording a higher rate,” he said.
The report revealed an increase in inflation for both locally produced and imported items.

Inflation for imported goods rose to 17.0 percent in September, up from 16.1 percent in August. Locally produced items saw inflation climb to 23.4 percent, compared to 22.2 percent in the previous month.

Among the sectors, restaurants and accommodation services registered the highest inflation at 27.9 percent, followed closely by alcoholic beverages, tobacco, and narcotics at 27.6 percent.

Housing, water, electricity, gas, and other fuels recorded 26.4 percent inflation, while education services reached 23.7 percent.

Health services reported 22.3 percent inflation, and food and non-alcoholic beverages stood at 22.1 percent.

These sectors all exceeded the overall inflation rate of 21.5 percent for September 2024.