Ghana’s inflation spikes 11.4% in July

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ACCRA – Ghana’s consumer price inflation rose to 11.4% year-on-year in July from 11.2% the previous month, driven by higher food and transport prices, the West African nation’s statistics office said on Wednesday.

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Ghana’s inflation has risen in recent months above the central bank’s targeted range of 8%, plus or minus 2 percentage points due to the impact of the novel coronavirus outbreak that has hit the cocoa, gold and oil-dependent economy.

Food price inflation continued to dominate during the month, Samuel Annim, head of the statistics service told a news conference, adding food inflation stood at 13.7% compared with 9.7% for non-food inflation.

Ghana’s Central Bank’s Governor Ernest Addison said last month that he expected inflation to return to the bank’s medium-term target band by the second quarter of 2021, provided adequate fiscal measures were taken to cushion the impact of the pandemic.

Reporting by Christian Akorlie; Writing by Bate Felix; Editing by Alessandra Prentice and Emelia Sithole-Matarise

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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