Following five months of slowing down due to rising food costs, Ghana’s consumer inflation (GHCPIY=ECI) opened up again in September, the statistics agency announced on Wednesday. According to the statistics service, inflation accelerated to 21.5% year over year in September from 20.4% in August.
Ghana’s government statistician Samuel Kobina Annim told a news conference that the increase was attributed to a 3 percentage point jump in food inflation. He said: “This five-month successive decrease in the rate of inflation has been reversed in the month of September with food recording a higher rate.”
Ghana’s central bank cut its main interest rate (GHCBIR=ECI), opens new tab by 200 basis points to 27% last week in response to better economic data, particularly inflation. This was the bank’s first rate cut since January.
The West African nation that produces oil, gold, and cocoa is struggling to recover from the greatest economic catastrophe in a generation, BrandSpur business and economy news reports.
