Ghana Statistical Service reported its inflation rate rose to 40.4% for the month of October 2022 as the cost of goods and services continue to surge in the West African nation.
The inflation rate in Ghana for the month of September was
37.2% suggesting the country’s economy battered by currency depreciation and
fiscal challenges is not going away any time soon.
On a month-on-month basis inflation rate was 2.7% for the
month under review compared to 2% in September 2022.
Prices accelerated for both food (43.7% vs 37.8% in
September) and non-food items (37.8% vs 36.8%). On a monthly basis, consumer
prices rose by 2.7%, faster than a 2% increase in the previous month.
The cedi has slumped 57% since January, while international commodity prices have surged, driving up the cost of imported goods.
The recent slide in the domestic currency has been driven by
uncertainty over Finance Minister Ken Ofori-Atta’s future, after the opposition
filed a motion in parliament to dismiss him because of the deepening economic
crisis.
The Ghanaian government has been in talks with the
International Monetary Fund for a $3 billion loan bailout aimed to address
Ghana’s macroeconomic and structural woes.
The Bank of Ghana’s monetary policy committee will decide
whether to lift its key interest rate for a fifth time this year on Nov. 28. It
has raised rates by 10 percentage points since March.
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