Inflation in Ghana hits a record 54.1%, food prices soar

Ghana’s inflation rate hit a record high of 54.1% in December 2022, due to rising food, housing and transport prices in the country.

The inflation rate in November 2022 was 50.3%, government statistician Samuel Kobina Annim told reporters on Wednesday in Accra, the country’s capital.

According to Bloomberg, the inflation rate of 54.1% was the seventh highest in the world among 120 countries, including the eurozone.

The inflation rate has now exceeded the 10% ceiling of the country’s central bank’s target range since September 2021.

Imported inflation was 61.9%, food prices increased by 59.7%, and transport costs increased by 71.4% with the new rate.

The country’s official currency, the cedi, lost up to 6.1% against the dollar before the date was released.

Reacting to the rate, an economist from Accra-based GCB Capital Ltd, Courage Boti, said: “I think the peak of inflation is near, the policy rate will be maintained given the outlook for a slowdown in the inflation rate. ‘inflation.

“Economic growth is already depressed and fourth quarter GDP promises to be even lower – as a result, the central bank could become more inclined to support growth and be more dovish as inflation appears to be moving in the right direction. direction.”

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