Ghana Inflation Rate Up To Nearly 5-Year High


Ghanaian annual inflation rate accelerated for the thirteenth consecutive month to 16.5 percent in September of 2014 from 15.9 percent in the previous month. It is the highest rate since November of 2009, driven by a jump in housing, water, electricity, gas and other fuels cost.

Year-on-year, cost of housing, water, electricity, gas and other fuels recorded the highest increase (63.5 percent), followed by transport prices (27.1 percent). In contrast, education recorded the lowest increase (3.5 percent). Food prices rose 5.8 percent.

On a monthly basis, consumer prices fell 0.2 percent for the second consecutive month, mainly driven by a 3 percent decrease in cost of food and non-alcoholic beverages.

Inflation has been on an upward trend since the beginning of 2013, staying above the government’s 13 percent target for the last twelve months. Yet, a weak currency has increased import cost. The cedi depreciated more than 38 percent from January to September of 2014. However, following recent discussions with IMF for a government bailout it appreciated almost 2 percent in the first two weeks of October of 2014.   

Ghana Inflation Rate Up To Nearly 5-Year High


Ghana Statistical Service | Ricardo Martins | ricardo.martins@tradingeconomics.com
10/15/2014 6:10:27 PM