Ghanaian annual inflation rate increased for the fourteenth consecutive month to 16.9 percent in October of 2014 from 16.5 percent in the previous month.
Upward pressures came mainly from housing, water, electricity gas and other fuels (+36 percent) and transport (+30.6 percent). Year-on-year, food inflation rose to 6.5 percent from 5.8 percent in September.
In the last four monhts, the inflation rate has been above the central bank's and on November 12th, the Bank of Ghana raised the benchmark interest rate by 200 bps to 21 percent. At its September meeting, policymakers revised the inflation target to 13 percent with a 2 percent tolerance range.
11/12/2014 1:26:12 PM