Currency Slump Spawns Surprise Jump in Ghana’s Inflation Rate
- Consumer prices rose 31.7% in July from 29.8% a month prior
- Imported inflation has outpaced domestic prices since April
This article is for subscribers only.
Inflation in Ghana accelerated at a faster pace than expected in July as a slump in the value of the cedi raised the cost of imported goods like cooking oil and gasoline.
The annual inflation rate climbed to 31.7% from 29.8% a month prior, Government Statistician Samuel Kobina Annim told reporters Wednesday, in the capital, Accra. That’s the fastest pace since November 2003 and marks the 11th consecutive month the rate has exceeded the top of the central bank’s target band of 6% to 10%. None of the six economists in a Bloomberg survey expected inflation to accelerate at that pace.