Ghana inflation rises in September as food prices surge
6:37 am Wednesday, October 02nd, 2024
ACCRA (Reuters) -Ghana’s consumer inflation rose in September after slowing for five consecutive months, driven by an increase in food prices, the statistics service said on Wednesday.
Inflation quickened to 21.5% year-on-year in September from 20.4% in August, the statistics service said.
Ghana’s government statistician Samuel Kobina Annim told a news conference that the increase was due to a 3 percentage points jump in food inflation.
“This five-month successive decrease in the rate of inflation has been reversed in the month of September with food recording a higher rate,” Annim said.
Last week, in response to improving economic indicators, including inflation, Ghana’s central bank reduced its main interest rate by 200 basis points to 27%, marking its first rate cut since January.
The cocoa-, gold- and oil-producing West African country is battling to emerge from its worst economic crisis in a generation.
(Reporting Christian Akorlie; Writing by Anait Miridzhanian; Editing by Bate Felix)
