Ghana Sees Hot Temper Inflation Rate Jump

Rising prices is far from becoming normal as Ghana sees a hot temper headline inflation rate jump as price level continues to face pressures from global drill down due to disruptions.

According to the latest data from Accra, consumer price inflation inched upward to 27.6% year-on-year in May from 23.6% in April 2022. The worsening price level has affected Ghana’s cedis purchasing power.

For now, inflation pressure has become a global phenomenon following the covid-19 disruption and then the Russian-Ukraine war.

The latest jump marks a full year of sustained consumer price increase, the statistics service said on Wednesday. Frontier markets central banks have started making an upward adjustment to benchmark interest rates to combat worsening price levels.

Inflation in Africa’s second-largest gold and cocoa producer hit an 18-year high in April, prompting the central bank to hike interest rates to 19% in late May. # Ghana Sees Hot Temper Inflation Rate Jump