Inflationary pressures "continue to ease" in line with the tighter monetary policy stance, the Bank of Ghana has noted.

Governor Ernest Addison reported at the latest Monetary Policy Committee meeting on Monday, 27 November 2023 that: "In October 2023, headline inflation declined to 35.2 per cent, further down from 38.1 per cent in September, and 40.1 per cent in August 2023." 

These trends were supported by broad-based deceleration in prices of items in the consumer basket, he noted.

Dr Addison said the decline in October’s inflation was driven by both food and non-food prices. 

Food inflation declined to 44.8 per cent in October 2023, from 49.3 per cent in September, while non-food inflation eased further to 27.7 per cent from 29.3 per cent, over the same comparative period.

Core inflation has also "eased significantly", reinforcing the broad deceleration in prices, he pointed out.

He said all core inflation measures monitored by the central bank declined, with its main core inflation measure, which excludes energy and utility, decelerating to 36.2 per cent in October, from 39.0 per cent in September, and 41.0 per cent in August 2023. 

Similarly, inflation expectations of banks, consumers, and businesses, all eased in October 2023.