Ghana’s inflation rate hit a record 54.1% in December 2022, as a result of increased in prices of food, housing, and transport in the country.
The inflation rate as at November 2022 was 50.3%, Government
Statistician Samuel Kobina Annim told reporters on Wednesday in Accra, the
country’s capital.
According to Bloomberg, the 54.1% inflation rate was the
seventh-highest in the world among 120 nations, including the eurozone.
The inflation rate has now surpassed the 10% ceiling of the
country’s central bank’s target range since September 2021.
Imported inflation was 61.9%, food prices rose 59.7% and
transport costs increased 71.4% with the new rate.
The country’s official currency, cedi,lost as much as 6.1%
against the dollar before the date was released.
Reacting to the rate, an economist at Accra-based GCB
Capital Ltd, Courage Boti, said, “I think the peak of inflation is near, the
policy rate will be held given the outlook for a slowing inflation rate.
“Economic growth is already depressed and fourth quarter GDP
promises to be even lower — as a result the central bank may become more inclined
to supporting growth and being more accommodative as inflation is seen moving
in the right direction.”
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