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Surging Bus Fares Push Inflation to 19-Year High in Ghana

  • Price growth breached central bank’s target for 10th month
  • Bank of Ghana seen keeping benchmark rate unchanged July 25
A woman sells goods in traffic in Accra, Ghana.

A woman sells goods in traffic in Accra, Ghana.

Photographer: Nipah Dennis/AFP/Getty Images

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Ghana’s inflation rate jumped to the highest level in almost 19 years as bus fares and other transport costs surged.

Annual inflation accelerated to 29.8% in June from 27.6% a month prior, Government Statistician Samuel Kobina Annim told reporters Wednesday on a conference call. That’s the fastest pace since December 2003, and the rate has now exceeded the central bank’s target band of 6% to 10% for 10 months. The median estimate of seven economists in a Bloomberg survey was 29.9%.