Tag: Inflation
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Inflation for August drops to 40.1% from 43.1%
Inflation has dropped to 40.1% in August 2023, from 43.1% recorded in July 2023. This means that in the month of August 2023, the general price level was 40.1 percent higher than in August 2022 Food inflation also decreased to 51.9% in August, from 55.0% in July. Inflation for imported products registered a rate lower…
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Inflation rises for the third consecutive month; hits 43.1% from 42.5%
Ghana’s inflation continues to surge as it rises for the third consecutive month, reaching a new high of 43.1% for the month of July from the previous mark of 42.5%. The new figures were announced on Wednesday, August 9, by the government Statistician Prof. Samuel Kobina Annim. Food prices rose significantly to 55.0%, whereas non-food…
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Rising inflation forces monetary policy tightening; rate up by 0.5 to 30 percent
The Bank of Ghana (BoG) has tightened the monetary policy rate by 50 basis points, pushing it up to 30 percent. This was determined following the apex bank’s review of economic trends in the last two months. This means the cost of borrowing at banks has risen by 0.5 percent from the previous rate of…
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June Inflation rises marginally to 42.5% from 42.2%
Inflation for the month of June 2023 in Ghana increased marginally to 42.5 percent compared to the 42.2 percent recorded in May 2023. According to the government Statistician, Professor Samuel Kobina Annim, the main drivers of this inflationary trend are food and non-food items, which account for 54.2% and 33.4% respectively. Locally produced items witnessed…
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BoG projects inflation to remain above 10% until 2025
The Bank of Ghana (BoG) is projecting a downward trend of inflation until the end of the 2025 barring any unanticipated shocks. However, it anticipates the upper band of 8±2 to remain percent during the same period. This means, inflation will remain above 10 percent till the next two years. These projections were captured in…
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Ghana’s inflation expected to rise in coming months – Report
Ghana’s inflation rate is projected to climb over the next two months. That is the latest forecast from IC Research Africa. This is largely due to the unfavorable pricing effect of the three new taxes, as well as the recent increase in utility tariff. After four consecutive months of declines in headline inflation, Ghana’s disinflation…
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Inflation falls for fourth consecutive time, now at 41.2%
Inflation has dropped to 41.2 percent for the month of April 2023. This represents a 3.8 percentage point decrease from the 45.0 percent recorded in March 2023. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday, May 10, 2023. Per the data, food inflation also…
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Food inflation may go up due to 3 new taxes- Chamber of Agribusiness
A Director of Policy and Research Bureau at the Chamber of Agribusiness Ghana, Kojo Ahiakpa, has opined that the three taxes assented to by the president may cause food inflation to rise. President Nana Addo Dankwa Akufo-Addo has assented into law the three new taxes passed by Parliament in March 2023. The taxes are the…
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Inflation could anchor at 28% before end of 2023 – Courage Boti
Economist and currency analyst at GCB Capital Limited, Courage Boti is hopeful of a sharper decline in the country’s inflation as he predicts the year 2023 could end with a rate of about 28 percent. His comment comes on the back of a significant drop in inflation with the month of March recording 45% from…
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March inflation drops to 45.0%
Inflation has dropped significantly to 45.0 percent for the month of March 2023. This represents a 7.8 percentage point decrease over the 52.8 percent recorded in February 2023. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday. Per the data, food inflation also stood at…