Ghana Inflation Jumps Further to 33.9% in August
Ghana has announced that its price level worsened, according to the latest data from the statistics office. Data shows that the country’s consumer inflation rate climbed to 33.9% in August from 31.7% in July 2022.
The worsening price level hits its highest since August 2001 just weeks after the largest lending rate hike in the country’s history. # Ghana Inflation Jumps Further to 33.9% in August.
The statistics service on Wednesday said prices for imported items rose by 35.2% in August, against 33.4% for local items. The breakdown shows that Transport, which includes fuel, saw the second-highest price hikes, behind housing, water, electricity and gas.
Oils and fats were the biggest drivers of food inflation, coming in at 34.4% year on year in August. The gold- and cocoa-producing nation in July said it would seek IMF support as its balance-of-payments position deteriorated.
The government has blamed its woes on a combination of forces, including the COVID-19 pandemic, the war in Ukraine, as well as the U.S. and Chinese economic slumps. The inflation rate in Ghana worsened in August, reaching its highest level since 2001 just weeks after the largest lending rate hike in the country’s history.
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#Ghana Inflation Jumps Further to 33.9% in August
