inflation

Bank Of Ghana Revises Year-End Inflation Target To 18%
10 Oct

Bank Of Ghana Revises Year-End Inflation Target To 18%

Wontumi1Business,
The Bank of Ghana (BoG) has revised its year-end inflation target to 18 percent, citing upside risks including some geopolitical developments. This would however represent a significant improvement over the 23.2 percent recorded at end - 2023 and 54.1 percent a year earlier. Governor Dr. Ernest Addison announced the adjustment during a joint press briefing with the International Monetary Fund (IMF) and Ministry of Finance (MoF) following a successful completion of the Fund’s third review as part of the country’s Extended Credit Facility (ECF) programme. “Looking forward, we acknowledged potential risks in the outlook. Our inflation projections indicate a target range of…
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Inflation To Increase To 21.8% In August 2024 – Report
27 Aug

Inflation To Increase To 21.8% In August 2024 – Report

Wontumi2Business
Inflation is expected to surge to 21.8% in August 2024, IC Securities has predicted. According to the investment firm, this is due to unfavourable base effect. However, month-on-month inflation will ease. “Although the sharper-than-expected deceleration in the July 2024 annual inflation significantly eases our concerns, we remain convinced that the August print will witness an upturn, stressing the need for caution in lower inflation and interest rate outlooks”, it disclosed in its analysis of the outlook of inflation. It pointed out that in August 2023 it observed an unexpected contraction in the Consumer Price Index (CPI) levels by 0.4 points,…
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Ghana: Inflation Eases To 28-Month Low In July
15 Aug

Ghana: Inflation Eases To 28-Month Low In July

Wontumi1Business
Ghana's annual inflation rate has dropped to its lowest level in 28 months, reaching 20.9 percent in July 2024 and marking the fourth consecutive month of decline. Government Statistician, Professor Samuel Kobina Annim, announced the figures in Accra on Wednesday, noting that the July inflation rate is the slowest since March 2022. The latest data reveals a continued cooling of price growth, down from June's 23.0% and a significant reduction from the 25.8 percent observed in March 2024. Food inflation in July was recorded at 21.5 percent, while non-food inflation slightly trailed at 20.5 percent. Notably, the inflation rate for…
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Producer Price Inflation Increases To 25.9% In June
18 Jul

Producer Price Inflation Increases To 25.9% In June

Wontumi1Business
The latest data from the Ghana Statistical Service (GSS) reveals that the Producer Price Inflation (PPI) rate for June 2024 has climbed to 25.9%, up from 23.6% in May 2024. This marks a year-on-year increase of 25.9% between June 2023 and June 2024. The increase in the PPI represents a 2.5 percentage point rise compared to the rate recorded in May 2024. Additionally, the month-on-month change between May 2024 and June 2024 was 2.7%. The Producer Price Index measures the average change over time in the selling prices of goods and services received by domestic producers. According to the data,…
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Inflation For June 2024 Drops To 22.8% From 23.1%
10 Jul

Inflation For June 2024 Drops To 22.8% From 23.1%

Wontumi1Business
The latest data from the Ghana Statistical Service indicates that inflation for June has dropped to 22.8%. The figure represents a 0.3 percentage decrease from the 23.1 percent rate of inflation recorded in May 2024. The month-on-month rate for June also witnessed a decrease, recording 2.9 percent. Per the Consumer Price Index data released by the GSS, food and non-food inflation stood at 24.0 percent and 21.6 percent respectively. The Government Statistician, Professor Samuel Kobina Anim, gave a breakdown of the figures in an address to the media in Accra on Wednesday, July 10, 2024. “The year-on-year inflation for June…
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Inflation To Trend Downwards In Coming Months – Report
18 Jun

Inflation To Trend Downwards In Coming Months – Report

Wontumi1Business, ,
The disinflation trend is expected to continue but at a moderated pace despite the depreciation of the cedi and expected petroleum price hikes. According to GCB Capital, the near-term inflation profile now appears elevated, with the lagged impact of cedi depreciation, transport fare hike and the implementation of the second quarter 2024 utility tariff adjustment set to moderate the pace of disinflation in the second half of the year. It pointed out that the continuous disinflation will be driven largely by favourable base drift, which should sustain the decline in year-on-year inflation. “We expect the imminent main crop harvest season…
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Ghana’s Inflation To End 2024 At 20.9%, Narrow To 11.1% In 2025– AfDB
12 Jun

Ghana’s Inflation To End 2024 At 20.9%, Narrow To 11.1% In 2025– AfDB

Wontumi2Business
Ghana’s inflation is expected to end 2024 at 20.9%, the African Development Bank has revealed in its updated 2024 African Economic Outlook. This is higher than the 17.4% it earlier predicted. It also means inflation would remain outside the Bank of Ghana's bound of 8%±2. AfDB said the outlook is clouded by several factors. These are the impact of fiscal consolidation under the Post-Covid Programme for Economic Growth, the lingering effects of Russia’s invasion of Ukraine, limited access to finance and foreign exchange, and global macroeconomic shocks. However, it said prudent macroeconomic management policies could mitigate the risks. Furthermore, it…
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Ghana’s Inflation To End 2024 At 20.9%, Narrow To 11.1% In 2025 – AfDB
11 Jun

Ghana’s Inflation To End 2024 At 20.9%, Narrow To 11.1% In 2025 – AfDB

Wontumi1Business,
Ghana’s inflation is expected to end 2024 at 20.9%, the African Development Bank has revealed in its updated 2024 African Economic Outlook. This is higher than the 17.4% it earlier predicted. It also means inflation would remain outside the Bank of Ghana’s bound of 8%±2. AfDB said the outlook is clouded by several factors. These are the impact of fiscal consolidation under the post-Covid Programme for Economic Growth, the lingering effects of Russia’s invasion of Ukraine, limited access to finance and foreign exchange, and global macroeconomic shocks. However, it said prudent macroeconomic management policies could mitigate the risks. Furthermore, it…
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Producer Price Inflation Climbs To 16.8% In April
20 May

Producer Price Inflation Climbs To 16.8% In April

Wontumi2Business
Producer price inflation rate accelerated to 16.8 percent year-over-year in April 2024, according to the latest data from the Ghana Statistical Service. This marked a notable 1.5 percentage point increase from the 15.3 percent recorded in March 2024. On a month-over-month basis, it rose 4.1 percent between March and April. The increase in producer inflation was broad-based, impacting major sectors across the economy. In the industry sector excluding construction, producer inflation climbed to 20.2 percent in April, up from 18.8 percent the previous month. This represents a 1.4 percentage point rise in industrial producer prices. The services sector also saw…
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Inflation Declines Marginally To 25.0% In April
08 May

Inflation Declines Marginally To 25.0% In April

Wontumi1Business
Government Statistician Professor Samuel Kobina Annim has revealed that Ghana’s inflation rate for April experienced a marginal decline to 25.0 percent. The inflation rate dropped from the previous month’s 25.8 percent, representing a decrease of 0.8 percentage points. A key contributing factor to this decline was the slowdown in food inflation, which decreased from 29.6 percent in March to 26.8 percent in April. Conversely, non-food inflation rose to 23.5 percent from the previous month’s 22.6 percent. Professor Annim, speaking on Wednesday, May 8, 2024, explained that in April 2024, the consumer price index stood at 213.3 relative to 170.5 recorded…
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