Ghana’s annual consumer price inflation moved higher for the ninth consecutive month in October, reaching 16.9%, its highest level since November 2009, Joy News reported, quoting data from Ghana Statistical Service, which is still not available on its website. The headline inflation rose from 16.5% in September, driven by higher food prices, and drifted further away from the central bank's recently upwardly revised end-year target band of 2pps either side of 13%.
Ghana’s annual non-food inflation rate edged down to 24% last month from 24.1% in September, with the growth in prices in the segment of housing, water, electricity, gas and other fuels decelerating significantly to 36% from 63.5% in September. The rise in transport costs quickened to 30.6% from 27.1%. Food inflation accelerated to 6.5% in October from 5.8% in September.
Inflation remains a serious concern for Ghana’s ailing economy, as indicated by the central bank's rate hike on November 12. The IMF has forecast an average annual inflation at around 15% for this year.
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