Ghana's annual consumer inflation continued with an upward surge and hit 40.4 percent in October, the Ghana Statistical Service said Wednesday.

Samuel Kobina Annim, the government statistician, announced the figures at a press briefing, listing five major sub-divisions as the key factors driving the increase, including housing, water, electricity, gas, and other fuels.

"Food inflation increased to 43.7 percent in October from 37.8 percent a month earlier. Non-food inflation also increased one percentage point to 37.8 percent in October from the previous month's 36.8 percent," said Annim.

In the meantime, inflation stood at 39.1 percent for locally produced items and 43.7 percent for imported items.

Faced with persistent inflation and currency depreciation, the Ghanaian government is currently negotiating with the International Monetary Fund for a bailout to shore up its economy.