Ghana CPI and Inflation Report for October 2023

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The Ghana Statistical Service released the Consumer Price Index (CPI) and inflation data for October 2023. The CPI measures changes in the price of a fixed basket of goods and services, while the inflation rate reflects the relative change in the CPI between periods. Inflation figures for October 2023 show both monthly and yearly changes across various categories. The CPI for October 2023 was reported at 195.2 relative to a base of 144. Detailed insights into price changes, market collection processes, and data analysis methods are also provided in the released report.

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PRESS RELEASE Ghana, October 2023 CONSUMER PRICE INDEX AND INFLATION 15th November 2023

In this release, we present: 1. Definition and Measurement of Consumer Price Index (CPI) and Rate of Inflation 2. CPI and Rate of Inflation for October 2023 3. Dominant Divisions of Rate of Inflation for October 2023 4. Disaggregation of Rate of Inflation for October 2023 5. Highlights of CPI and Rate of Inflation for October 2023 1 6. National, Regional and Household Level Issues for Wider Engagement Ghana Statistical Service CPI release October 2023 1

Definition and measurement of CPI and rate of inflation (1/3) CPI measures changes in the price of a fixed basket of goods and services purchased by households The assumption is that the basket is purchased each month, hence captures price changes each month The rate of inflation is the relative change in CPI between periods Inflation is reported year-on-year (annual inflation) and month-on-month (monthly inflation), and granulated to determine regional and commodity type and source of inflation 2 Ghana Statistical Service CPI release October 2023 2

Definition and measurement of CPI and rate of inflation (2/3) CPI does not measure price levels The measures of CPI and inflation are based on the Consumer Price Index Manual: Concepts and Methods Data (market readings) are captured monthly Key variables are prices, quantities and expenditure weights of items Price reference year for the new series is 2021 (2021 = 100) 3 Analyses of price changes of individual items for wider engagement Ghana Statistical Service CPI release October 2023 3

Definition and measurement of CPI and rate of inflation (3/3) Price collection is done in 57 markets Prices are collected from about 8,337 outlets. Prices are collected for 47,877 products every month from 16 regions. Products are ordered in a hierarchy of 13 Divisions, 44 Groups, 98 Classes, 156 Subclasses and 307 Items. 4 Every item can only be part of one Subclass, and every Subclass can only be part of one Class, etc. Ghana Statistical Service CPI release October 2023 4

Consumer Price Index and rate of inflation for October 2023 Month CPI Inflation Monthly Yearly 2.7% 1.7% 1.9% -1.2% 2.4% 4.8% 3.2% 3.6% -0.2% 1.9% 0.6% CPI for October 2023 was 195.2 relative to 144.4 for October 2022 Oct - 2022 Jan- 2023 Feb-2023 Mar-2023 Apr- 2023 May-2023 June-2023 July-2023 Aug-2023 Sept-2023 Oct-2023 40.4% 53.6% 52.8% 45.0% 41.2% 42.2% 42.5% 43.1% 40.1% 38.1% 35.2% 144.4 165.6 168.7 166.6 170.5 178.7 184.4 191.0 190.6 194.2 195.2 Year-on-year inflation rate for October 2023 was 35.2 percent This means that in the month of October 2023 the general price level was 35.2 percent higher than October 2022 5 Month-on-month inflation between September 2023 and October 2023 was 0.6 percent Ghana Statistical Service CPI release October 2023 5

Year-on-Year and Month-on-Month Inflation, October 2022 to October 2023 60 10 54.1 53.6 8.6 52.8 Overall month-on-month inflation (%) 8 50 50.3 Overall year-on-year inflation (%) 45.0 43.1 42.5 42.2 41.2 6 40 40.4 40.1 38.1 35.2 4.8 4 30 3.8 3.6 3.2 2.7 2.4 2 20 1.9 1.9 1.7 0.6 0 10 -0.2 -1.2 -2 0 Aug-23 Jan-23 Feb-23 Sep-23 Jun-23 Nov-22 Dec-22 Oct-22 Jul-23 Oct-23 Mar-23 Apr-23 May-23 Aug-23 Nov-22 Jan-23 Sep-23 Jun-23 Feb-23 Dec-22 Oct-22 Oct-23 Mar-23 Jul-23 Apr-23 May-23 Ghana Statistical Service CPI release October 2023 6

Disaggregation of October 2023 Rate of Inflation Food inflation (0.427) was 44.8% Last month s food inflation was 49.4% Month-on-month food inflation was 0.1%. Non-food inflation (0.573) was 27.7% Last month s non-food inflation was 29.3 % Month-on-month non-food inflation was 1.0% Inflation for locally produced items was 34.4% Inflation for imported items was 37.0% 7 Ghana Statistical Service CPI release October 2023 7

Food and Non-Food Inflation, October 2022 to October 2023 70 70 61.0 60 60 59.7 59.1 55.3 55.0 54.2 51.9 51.8 50 50.8 50 49.9 49.4 Non-food inflation (%) 48.7 47.9 47.9 46.5 Food inflation (%) 44.8 43.7 40 40.6 40 37.8 35.4 34.6 33.8 33.4 30.9 30 30 29.3 27.7 20 20 10 10 0 0 Aug-23 Jan-23 Sep-23 Jun-23 Nov-22 Feb-23 Dec-22 Oct-22 Jul-23 Oct-23 Mar-23 Apr-23 May-23 Aug-23 Nov-22 Jan-23 Sep-23 Jun-23 Feb-23 Dec-22 Oct-22 Oct-23 Mar-23 Jul-23 Apr-23 May-23 Ghana Statistical Service CPI release October 2023 8

Disaggregation of October 2023 Year-on-year Inflation by Division 9 Ghana Statistical Service CPI release October 2023 9

Shares of Inflation Across Divisions for October 2023 10 Ghana Statistical Service CPI release October 2023 10

Disaggregation of YoY and MoM Food Inflation by Sub-class 11 Ghana Statistical Service CPI release October 2023 11

Regional Rates of Inflation for October 2023 12 Ghana Statistical Service CPI release October 2023 12

Disaggregation of Overall Inflation for North East and Food Inflation for Eastern Region North East Region Weight (%) Eastern Region - Food Weight (%) Alcoholic beverages, tobacco and narcotics 0.08 69.5 Oils and fats 0.16 94.9 Food and non-alcoholic beverages 0.26 61.8 Ready-made food and other food products n.e.c. 0.77 91.3 Personal care, social protection and miscellaneous goods and services Furnishings, household equipment and routine household maintenance 0.03 48.8 Tea and related products 0.01 75.3 0.04 46.6 Fish and other seafood 1.16 68.7 Vegetables, tubers, plantains, cooking bananas and pulses Live animals, meat and other parts of slaughtered land animals Clothing and footwear 0.08 45.5 1.22 66.9 Health 0.01 38.0 0.28 64.7 Information and communication 0.02 36.9 Water 0.11 52.1 Housing, water, electricity, gas and other fuels 0.05 33.2 Fruit and vegetable juices 0.01 49.2 Education services 0.04 26.9 Sugar, confectionery and desserts 0.11 48.8 Transport 0.07 17.6 Cereals and cereal products 0.79 46.4 Recreation, sport and culture 0.05 13.7 Milk, other dairy products and eggs 0.13 42.2 Restaurants and accommodation services 0.00 10.6 Soft drinks 0.05 38.1 Insurance and financial services 0.00 -14.1 Coffee and coffee substitutes 0.01 37.5 13 Fruits and nuts 0.09 32.2 North East Region - Overall 47.5 Eastern Region - Food 65.3 Ghana Statistical Service CPI release October 2023 13

Highlights for October 2023 Rates of Inflation (1/2) 37.3% 49.4% Food inflation September 2023 Inflation on locally produced items September 2023 47.5% 28.5% Highest regional inflation rate North East) Lowest regional inflation rate (Savannah) 34.4% 44.8% 35.2% Year-on-year inflation October 2023 27.7% 37.0% 38.1% Year-on-year inflation September 2023 29.3% Non-food inflation September 2023 39.9% Inflation on imported items September 2023 Ghana Statistical Service CPI release October 2023 14

Highlights for October 2023 Rates of Inflation (2/2) 1.6% Food inflation September 2023 0.1% 0.6% Month-on-month inflation October 2023 1.0% 1.9% 2.1% Non-food inflation September 2023 Month-on-month inflation September 2023 Ghana Statistical Service CPI release October 2023 15

National-Level Issues for Wider Engagement (1/2) 16 Ghana Statistical Service CPI release October 2023 16

National and Household-Level Issues for Wider Engagement (2/2) 17 Ghana Statistical Service CPI release October 2023 17

Regional-Level Issues for Wider Engagements 18 Ghana Statistical Service CPI release October 2023 18

End of Press Release for October 2023 Consumer Price Index For enquiries, please contact: Mr. J. F.K. Agyaho (Head, Price Statistics, GSS) john.agyaho@statsghana.gov.gh Download the technical guide: https://statsghana.gov.gh/gssmain/fileUpload/Price%20Indic es/CPI_Technical_Guide_v5_Published_14102020.pdf Ghana Statistical Service CPI release October 2023