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Ghana Inflation Rate at Highest Since 2009 on Surging Food Costs

  • Consumer prices rose 19.4% in March; median estimate 16.5%
  • Inflation breached central bank target band for seventh month
A delivery of yams at a food market in Accra, Ghana.

A delivery of yams at a food market in Accra, Ghana.

Photographer: Nipah Denis/Bloomberg
Updated on

Ghana’s inflation rate climbed to the highest level in more than 12 years in March as supply shocks caused by the war in Ukraine stoked increases in food, fuel and fertilizer prices.

Annual inflation accelerated to 19.4% -- the highest since August 2009 -- from 15.7% in February, Government Statistician Samuel Kobina Annim told reporters Wednesday in Accra, the capital. The rate breached the ceiling of the central bank’s target band of 6% to 10% for a seventh month and was above the 16.5% median estimate of eight economists in a Bloomberg survey.