Ghana’s October 2022 inflation rate hits 40.4%

Ghana’s inflation rate increased to 40.4 percent in October, up from 37.2 percent the previous month.

Mr Samuel Annim, the Ghana Government Statistician, revealed this in a statement on Wednesday.

As a result, the figure will put additional pressure on the country’s central bank to keep raising borrowing costs, which are already at a five-year high.

The figure surpassed the median forecast of 39.5%. Nigeria’s inflation rate will be announced next week.