In a promising economic development, Ghana has experienced a third consecutive drop in inflation, with the rate reaching 35.2% in October.

This reflects a substantial decrease of 2.9 percentage points from the 38.1% recorded in September, as disclosed by the Consumer Price Index (CPI) data released by the Ghana Statistical Service on Tuesday, November 14.

Breaking down the figures, the report indicates that food inflation was at 44.8%, while non-food inflation stood at 27.7%.

The consistent decline in inflation rates has sparked optimism and provides a favorable backdrop as Finance Minister Ken Ofori-Atta prepares to present the 2024 Budget Statement and Economic Policy to Parliament on Wednesday, November 15.

Government Statistician, Prof. Samuel Kobina Annim, emphasized the positive implications of the declining inflation, portraying it as a commendable trend for the country.