Ghana’s CPI inflation quickens to 16.9% y/y in October

By bne IntelliNews November 13, 2014

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.

Related Articles

Russia's Rosneft sets foot in Mediterranean with $1.125bn Eni deal

Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more

PetroSA, Rosgeo sign $400mn oil and gas exploration agreement for South Africa

South Africa's national oil company PetroSA and Rosgeo, the geological exploration company of the Russian Federation, have signed an agreement on a $400mn oil and gas development project in South ... more

South Africa’s MTN to invest $350mn in Iranian broadband

South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more

Dismiss