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.
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