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.

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

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