ACCRA, May 11 (Reuters) – Ghana’s consumer price inflation accelerated to 23.6% year-on-year in April from 19.4% in March, the statistics service said on Wednesday, a recent record one economist said was “shocking”.
The West African nation’s latest inflation reading was the highest in 18 years and more than double government’s targeted band of 6% to 10%.
Prices for 295 of the 307 items analysed by the statistics service rose in April. Prices for imported items accelerated faster than locally produced items for the first time in 29 months, except in the case of locally produced food.
Transport costs, which include fuel prices, saw the largest increases, up to 33.5% from 17.4% in March. Diesel costs alone were up 90.9%.
“We were all expecting the diesel increases, and these are imported items,” government statistician Samuel Kobina Annim told a news conference.
“But we need to look at it from the food and non-food perspective if we want policy to get a hold of the challenges we are having,” he added.
Food prices were up 26.6% from the previous month and nearly double the category’s 12-month average of 13.5%. Cereal prices were among the greatest contributors, continuing a trend that began with Russia’s invasion of Ukraine in February.
Razia Khan, Standard Chartered Bank’s chief economist for Africa and the Middle East, said the spike was “shocking” and may pressure the central bank to further tighten interest rates.
“Failure to act soon could have far reaching implications, putting at risk any hopes for quick macroeconomic stabilisation,” she said.
Ghana’s central bank raised its main lending rate by a record 250 basis points in March, fearing that runaway inflation, compounded by a depreciating local currency and mounting national debt, could ignite a full-blown economic crisis.
The central bank’s monetary policy committee will meet from May 18 to March 23 to discuss further adjustments.
(Reporting by Cooper Inveen; Editing by Estelle Shirbon and Alex Richardson)
The Ghana Tuna Association (GTA), and the Ghana Industrial Trawlers Association, both representing the Joint…
Renewed tension is mounting in Manso Tontokrom, a mining community in the Amansie South District…
BY: DANIEL ASARE Finance Minister, Dr. Cassiel Ato Forson has touted the country’s recovery from…
The Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah (MP), has granted an…
Mr. Kennedy Agyapong Mr. Kennedy Agyapong, a presidential aspirant of the New Patriotic Party (NPP)…
Mr. Kwesi Pratt, Jnr, a member of the Coordinating Committee of the Pan African Progressive…
View Comments
Adult Flirt Finder is your go-to dating platform for meeting new people.
Our mobile platform allows you to search for compatible partners and enjoy stimulating and engaging conversations from anywhere.
With Adult Flirt Finder, you can manage your dating life and discover your perfect match you've been looking for.
Join our dating network today and start flirting your way to a satisfying connection.
Eager to discover your digital soulmate? Flirt Finder Dating Site has you covered.
Hey this is kind of of off topic but I was wanting to know if blogs use WYSIWYG editors or
if you have to manually code with HTML. I'm starting a blog soon but have no coding expertise so I
wanted to get advice from someone with experience.
Any help would be enormously appreciated!
Hmm it appears like your site ate my first comment (it was super long) so I guess
I'll just sum it up what I had written and
say, I'm thoroughly enjoying your blog. I as well am an aspiring blog writer but I'm
still new to the whole thing. Do you have any suggestions for beginner blog writers?
I'd certainly appreciate it.
Do you mind if I quote a few of your posts as long as I provide credit
and sources back to your website? My website is in the very same niche as yours and my users would certainly benefit from a lot of the information you provide
here. Please let me know if this okay with you.
Thanks a lot!
Thank you for the auspicious writeup. It in fact was once a amusement account it.
Glance complicated to more brought agreeable from you!
By the way, how could we be in contact?
Currently it sounds like Wordpress is the top blogging platform
out there right now. (from what I've read) Is that what you are
using on your blog?
Hello, I want to subscribe for this blog to get most up-to-date updates, so where can i do it please
assist.
Heya! I just wanted to ask if you ever have any problems with hackers?
My last blog (wordpress) was hacked and I ended up losing a few months of
hard work due to no backup. Do you have any solutions to prevent
hackers?
Its like you read my mind! You appear to grasp a lot about this, such as you wrote the book in it or something.
I believe that you just can do with some % to drive the message home a little bit, but other
than that, that is magnificent blog. A fantastic read.
I'll certainly be back.