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

Electric bus maker BasiGo secures $3mn from CFAO to scale up Kenya, Rwanda production

Electric bus company BasiGo has secured $3mn worth of equity funding from CFAO Group to scale up production in Kenya and Rwanda. With operations in over 40 African countries, ... more

Russia’s nuclear firm Rosatom to collaborate with South Africa on floating NPP project

Russia’s state nuclear energy corporation Rosatom is developing a floating nuclear power plant (NPP) project for South Africa, Interfax news agency reports. Ryan ... more

Nigeria files charges against Binance as regional executive goes on the run

Nigeria has escalated its confrontation with cryptocurrency giant Binance by filing tax evasion charges against the platform and seeking an international arrest warrant for Nadeem Anjarwalla, ... more

Dismiss