“Inflation Records Decline to 35.2% in October, Down from 38.1%”

For the third consecutive month, inflation has seen a decline, registering a rate of 35.2% in October. This marks a notable decrease of 2.9 percentage points from the 38.1% recorded in September. The recent data from the Ghana Statistical Service, released on Tuesday, November 14, unveils the Consumer Price Index (CPI), revealing a food inflation rate of 44.8% and a non-food inflation rate of 27.7%.

This revelation holds particular significance as Finance Minister Ken Ofori-Atta is set to present the 2024 Budget Statement and Economic Policy to Parliament on Wednesday, November 15. The timing aligns with the broader economic context, providing crucial insights for policymakers and stakeholders.

Government Statistician Prof. Samuel Kobina Annim emphasized the positive aspect of this development, highlighting the decline in inflation rates. This trend may offer a favorable backdrop for the upcoming budget presentation, potentially influencing financial planning and economic policies. As Ghana navigates these economic waters, the declining inflation rates present an encouraging signal, reflecting efforts to stabilize and manage economic conditions.

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