Ghana Inflation Rate at 6-1/2-Year High
Consumer prices in Ghana increased 19 percent year-on-year in January of 2016, following a 17.7 percent rise in the previous month. It is the highest inflation rate since August of 2009, mainly boosted by prices of fuel, food and utilities after the country raised tariffs for electricity and water in December to increase competition in the sector.
2/10/2016 1:57:19 PM
Year-on-year, prices of housing, water, electricity, gas and other fuels rose faster by 45.5 percent (+24.3 percent in December); transport prices went up 30.8 percent (+27.0 percent in December) and food and non-alcoholic beverages increased 8.2 percent (+8.0 percent in December). Meanwhile prices went up at a slightly slower pace for recreation and culture (25 percent from 26.9 percent in December); furnishing, household items (24.5 percent from 25.8 percent in December); education (22.2 percent from 26.8 percent in December); clothing, footwear (21.4 percent from 24.1 percent in December) and hotels and cafes (18.5 percent from 18.9 percent in December).
On a monthly basis, consumer prices went up by 4.6 percent, compared to a 1.1 percent increase in the previous month. Food prices rose by 5.8 percent; housing, water, electricity, gas and other fuels increased by 17.7 percent, transport grew by 3.6 percent and health went up 0.8 percent. Additional upward pressure came from education (+2.5 percent), clothing and footwear (+1.8 percent) and communication (+1.1 percent).