Tag: Inflation
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Inflation drops marginally to 52.8% in February 2023
Inflation fell for the second month in 2023 to 52.8% after a 19-month surge. This means that in the month of February 2023, the general price level was 52.8% higher than in February 2022, representing a 0.8 percentage point lower rate of inflation compared to January 2023. This was captured in the data released by…
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Ghana’s inflation for January 2023 drops marginally to hit 53.6%
The year-on-year inflation rate for January 2023 has dropped marginally to 53.6%, from the 54.1% recorded in December 2022. This is according to latest data from the Ghana Statistical Service. This is the first time in the last 19 months that there has been a reversal of the rate of increase for the year-on-year inflation.…
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Govt can’t be trusted to tame inflation – Bokpin
Economist, Prof. Godfred Bokpin has faulted government for its lack of credibility in controlling the country’s persistent increase in the rate of inflation. He makes the point that despite several policy directives, managers of the economy have failed to significantly improve general price levels over the years. “It’s very difficult to trust government’s policy prescription…
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Ghana’s inflation hits 50.3% for November
Continuous increases in prices of housing, electricity and fuel have pushed Ghana’s inflation rate to hit 50.3% for the month of November 2022. November’s inflation rate is a significant increase from the 40.4% recorded for October 2022. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on…
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Effect of cedi depreciation on inflation expected to continue – GSS
The Ghana Statistical Service has cautioned that the continuous depreciation of the local currency could continue to adversely impact the country’s inflation. Recent Data released by Service shows that the continuous hikes in prices of food, transport, water, and other fuels pushed Ghana’s inflation rate to hit 40.4 percent for the month of October. Addressing…
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Producer Price Inflation hits 45.6%
Producer Price Inflation, the average price of goods and services received by domestic producers for their production activities, for the month of September has risen to 45.6 percent. This rate represents a 5.9 percentage point increase in producer inflation relative to the figure recorded in August 2022. This increment was mainly influenced by the mining…
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Local contractors to drag government to court over 10 billion debt
The Ghana Chamber of Construction Industry has threatened to take legal action against government, for failing to pay over 10 billion cedis accrued debt it owes contractors. The contractors lament that for over four years now, government has stalled in paying contractors for work done. A situation they say is having a negative toll on…
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Ghanaians to pay more for goods, services as inflation hits 37.2% in Sept
Ghanaians have no choice but to pay more for goods and services, as the country’s inflation rate keeps soaring. There is currently no end in sight with the inflation rate, which keeps defying measures put in place by government. The rate has moved from 33.9 percent in August 2022 to 37.2 percent in September 2022.…
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BoG to hold emergency MPC meeting on Wednesday
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has announced an emergency meeting scheduled for Wednesday, August 17, 2022. According to a statement issued by the Central Bank, the emergency MPC meeting is to review recent developments in the Ghanaian economy. The move by the Committee, is believed to be mainly the…
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Ghana’s inflation rate rises again; hits 31.7% in July 2022
Significant increases in prices of transport and food pushed Ghana’s inflation rate to hit 31.7 percent in the month of July 2022. This represents a 1.9 percentage point increase over the 29.8 percent rate recorded in June 2022. On a monthly basis, inflation between June 2022 and July 2022 was 3.1%. This was captured in…