Ghana’s inflation rate hit a record 54.1% in December 2022, as a result of increased in prices of food, housing, and transport in the country.
The inflation rate as at November 2022 was 50.3%, Government Statistician Samuel Kobina Annim told reporters on Wednesday in Accra,the country’s capital.
According to Bloomberg, the 54.1% inflation rate was the seventh-highest in the world among 120 nations, including the eurozone.
The inflation rate has now surpassed the 10% ceiling of the country’s central bank’s target range since September 2021.
Imported inflation was 61.9%, food prices rose 59.7% and transport costs increased 71.4% with the new rate.
The country’s official currency, cedi,lost as much as 6.1% against the dollar before the date was released.
Reacting to the rate, an economist at Accra-based GCB Capital Ltd, Courage Boti, said, “I think the peak of inflation is near, the policy rate will be held given the outlook for a slowing inflation rate.
“Economic growth is already depressed and fourth quarter GDP promises to be even lower — as a result the central bank may become more inclined to supporting growth and being more accommodative as inflation is seen moving in the right direction.”
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.