Ghana’s Inflation Rate Surges to 10%, Highest Since 2010Pauline Bax
Inflation in Ghana, the second-biggest economy in West Africa, accelerated to 10 percent in February, the highest in more than 2 1/2 years.
Consumer prices rose from 8.8 percent in January, Philomena Nyarko, an official at the Ghana Statistical Service, told reporters in Accra, the capital, today. Last month’s inflation rate was the highest since June 2010. Prices rose 2.6 percent in the month.
Food costs rose 5.3 percent, while non-food items increased 12.6 percent, the agency said. Prices for transportation, housing, electricity and other utilities all rose more than 15 percent after the government last month scrapped fuel subsidies to help narrow its budget deficit, Nyarko said.
The publication of inflation figures based on a new, rebased index was delayed until next month because of “technical challenges” with the government’s databases, Ebo Duncan, a statistician, said at the briefing.
The Bank of Ghana expects inflation to remain “broadly stable” to end the year within a range of 7 percent to 11 percent, acting Governor Kofi Wampah said Feb. 13.
Ghana’s cedi, which weakened 14 percent against the dollar in 2012, fell 0.3 percent to 1.9280 by 12:36 p.m. in Accra.