Ghana’s inflation rate is 54.1%, and food prices are skyrocketing

Ghana’s inflation rate hit a record high of 54.1% in December 2022, as a result of the country’s soaring food, housing, and transportation prices.

Government statistician Samuel Kupina Anem told reporters on Wednesday in Accra, the country’s capital, that the inflation rate in November 2022 was 50.3%.

According to Bloomberg, the inflation rate of 54.1% was the seventh highest in the world among 120 countries, including the eurozone.

The inflation rate has now exceeded the 10% ceiling of the country’s central bank’s target range since September 2021.

The imported inflation rate reached 61.9%, food prices increased by 59.7% and transportation costs increased by 71.4% at the new rate.

The country’s official currency, sir, lost as much as 6.1 percent against the dollar before the release date.

Responding to the rate, Accra-based economist at GCB Capital Ltd, Courage Boti, said, “I think the peak of inflation is near, and the policy rate will be maintained given expectations of a slowdown in the inflation rate.

“Economic growth is already low, and Q4 GDP is expected to be even lower – as a result the central bank may become more inclined to support growth and be more accommodating as inflation is seen to move in the right direction.”

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