Ghana Inflation Rate Rises to 9.3% in November After Cedi Falls
Inflation in Ghana, West Africa’s second-biggest economy, accelerated in November after the cedi weakened against the dollar for the first month since July.
The rate rose to 9.3 percent from 9.2 percent in October, Philomena Nyarko, acting government statistician with the Ghana Statistical Service, told reporters today in Accra, the capital. Prices rose 0.5 percent in the month, she said.
Non-food inflation, which includes transportation, education and alcohol, climbed to 12.4 percent in November and food costs increased 3.9 percent from a year earlier, she said.
Ghana’s central bank held its benchmark interest rate last month as inflation pressures eased because the cedi had stabilized cedi, acting Governor Kofi Wampah said.
The local currency, the cedi, fell 0.7 percent against the dollar in November after gaining for the previous three months, according to data compiled by Bloomberg. It’s declined 13 percent this year, the third-worst among 22 African currencies compiled by Bloomberg.
The cedi gained less than 0.1 percent to 1.8945 a dollar by 10:59 a.m. in Accra.
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