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Surging Inflation in Ghana Sets Stage for Even Higher Rates

  • Consumer prices rose 40.4% in October; median est. was 39.5%
  • Inflation is quadruple central bank’s 10% target ceiling
Updated on

Ghana’s inflation rate climbed more than expected in October, raising pressure on the central bank to continue increasing borrowing costs that are already at a more than five-year high.

Annual inflation quickened to 40.4% in Africa’s second-largest gold producer, compared with 37.2% a month prior, Government Statistician Samuel Kobina Annim told reporters Wednesday in the capital, Accra. That exceeded the median expectation of 39.5% of three economists in a Bloomberg survey. The agency last month changed its reference year to 2021 from 2018.