Ghana’s annual inflation inches up to 13.5% in December 2013

By bne IntelliNews January 16, 2014

Ghana’s CPI inflation quickened to 13.5% y/y in December from 13.2% the month before, Ghana Statistical Service data showed. The headline inflation remained above the central bank's target band of 2pps on either side of 9%.

The main trigger of inflation were prices of housing, water, electricity, gas and other fuels (+35.0% y/y) and transport prices (+25.6% y/y).

The annual non-food inflation rate accelerated to 18.1% in December from 17.6% the previous month, whereas food inflation edged down to 7.2% from 7.3% in November.

In monthly terms, Ghana’s consumer prices rose 1.0% in December, quickening from a 0.8% m/m increase a month earlier.

On November 28, Ghana’s central bank maintained its policy rate at 16% despite rising inflation, saying that inflation risks are mainly structural and might not need to be addressed by a policy rate adjustment for the time being. The bank said that leaving rates on hold posed no significant risk to economic growth, which is forecast to reach 8% in 2014.

The headline inflation will most likely breach the 2013 target of 11.0%, but will track back to the target range of 9.5% plus or minus 2pps in 2014, according to the central bank. 

Related Articles

Kosmos Energy and partners start commercial operations at Mauritania-Senegal GTA LNG project

US-based oil and gas exploration and production (E&P) company Kosmos Energy has announced the start of commercial operations at the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) ... more

South Africa’s power utility Eskom seeking ways to support Bitcoin mining, energy-intensive technologies

South Africa’s state-owned power utility Eskom is exploring opportunities to support Bitcoin mining, artificial intelligence (AI) development, and data centres to help its future ... more

EFCC arrests ex-NNPCL official and previous Warri managing director

Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested a former CFO of the Nigerian National Petroleum Co. Ltd (NNPCL), as well as a former managing director of 125,000 barrels per ... more

Dismiss