inflation Archives - Page 2 of 5

24 Apr

Inflation To Dip To 24.6% In April 2024 – IC Securities

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According to IC Securities, inflation is projected to decrease to 24.6% year-on-year in April 2024, down from 25.8% recorded in March 2024. However, month-on-month inflation is anticipated to rise to 1.4%. The firm has also revised its end-of-year inflation forecast to 16.9% plus or minus 1.0 percentage points, compared to its previous estimate of 16.1% plus or minus 1.0 percentage points. IC Securities attributes the expected increase in annual inflation to the 10.6% year-to-date depreciation of the Cedi. This depreciation is anticipated to impact inflation through higher transport fares, utility tariffs, and the prices of imported goods. The March 2024…

19 Apr

Fitch Solutions Projects 19.0% Average Inflation For Ghana In 2024

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Fitch Solutions is projecting an average inflation of 19.0% for Ghana in 2024. This is lower than the International Monetary Fund’s 22.3%. According to the London-based firm, the lower inflation will alleviate pressure on household finances and boost the purchasing power of consumers. A Senior Country Risk Analyst at Fitch Solutions, Mike Kruiniger said though the March 2024 inflation showed an uptick, this can be primarily attributed to base-side effects and expects inflation to resume a downward trend in the coming months. “So lower inflation will alleviate pressure on household finances and increase the purchasing power which will support economic…

13 Mar

Inflation In Ghana Drops To 23.2% In February

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The latest data from the Ghana Statistical Service (GSS) shows a decrease in inflation, with the February figure dropping to 23.2% from 23.5% in January. This indicates a slight decline in the prices of goods and services. During a press briefing in Accra, Government Statistician Prof. Samuel Kobina Anim explained that the 23.2% inflation rate signifies an increase in the prices of goods and services over a one-year period. Prof. Anim noted that this figure reverses the marginal increase recorded in January 2024, when inflation rose to 23.5%. He highlighted that this turnaround is significant, indicating a positive trend in…

12 Mar

BoG Predicts Decline In Inflation To 13-17% Range By End Of 2024, Aims For 6-10% By 2025

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The Bank of Ghana anticipates a further decline in headline inflation to a range of 13-17% by the end of 2024, gradually trending back to the medium-term target range of 6-10% by 2025, barring unanticipated shocks. According to the January 2024 Monetary Policy Report, the disinflation process is expected to continue, with clear indications that the current macroeconomic framework, supported by the International Monetary Fund-Economic Credit Facility program, is yielding positive results. The report notes that potential risks to the inflation outlook are linked to geopolitical tensions and potential spillovers to commodities markets, especially international crude oil prices. However, the…

20 Feb

Alcohol, Tobacco, Narcotics Drive January Inflation

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Alcoholic beverages, tobacco and narcotics stood as the drivers of the January inflation rate which inched up slightly to 23.5 per cent as against the December 2023 rate of 23.2 per cent. The division of those items recorded an inflation rate of 38.5%. This was followed by personal care, social protection and miscellaneous services (32%), restaurant and accommodation services (29.2%), furnishings, household equipment (27.7%), food and non-alcoholic (27.1%), health (26.6%), and recreation, sports and culture (25.9%). The rest are clothing and footwear (22.8%), housing, water, electricity, gas and other fuels (22.6%), education services (19.8%), information and communication (13.6%); and insurance…

14 Feb

Inflation Hits 23.5% As It Resumes Upward Trajectory

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Inflation returned to an upward trajectory to hit 23.5% in January 2024, data from the Ghana Statistical Service has revealed. This follows four consecutive months of decline. Inflation stood at 23.2% in December 2023. According to the GSS, the increase in year-on-year inflation was influenced by a sharp surge in non-food items including housing, clothing and transport. Food inflation, however, continued to decline. For the regions, the Eastern Region recorded the highest rate of inflation of 37.1% driven by food prices, whilst the Greater Accra Region registered the lowest rate of inflation of 18%. Source: Myjoyonline

31 Jan

Inflation To Average 18% In 2024 – Fitch Solution

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Inflation will ease throughout 2024 averaging 18% in 2024, Fitch Solutions has predicted. It insists the easing inflation will force the Bank of Ghana to cut the policy rate by 800 basis points this year. It disclosed this in its January 2024 Sub Saharan Africa Quarterly Update. This will be almost in line with the Bank of Ghana’s projection of 15%±2% by the end of 2024. “Inflation has already dropped to 26% in November [2023], mostly due to statistically base effects. We project that inflation will continue to ease throughout 2024 ,averaging roughly 18%”, Mike Kruiniger, Senior Country Risk Analyst…

24 Jan

Inflation To Fall To 22.4% In January 2024 – Report

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Inflation is expected to decline to 22.4% in January 2024 from 23.4% in December 2023, IC Research has predicted in its latest report. According to the research firm, improved foreign exchange outturn in late December 2023 into early January 2024 would sustain the lid on price pressures. “Our forecast shows a modest decline in the annual inflation rate to 22.4% y/y in January 2024 as the improved FX outturn in late December 2023 into early January 2024 sustains the lid on price pressures”. Additionally, domestic energy prices remained stable with downward bias during the January 2024 Consumer Price Index window…

10 Jan

December Inflation Drops To 23.2% From 26.4%

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For the fifth consecutive month, inflation has dropped, recording a rate of 23.2% for December 2023. This means that in December 2023 the general price level was 23.2 percent higher than in December 2022 According to the Consumer Price Index (CPI) data released on Wednesday, January 10, food inflation stood at 28.7 percent and non-food inflation recorded 18.7 percent. Inflation for locally produced items stood at 23.8 percent while inflation for imported items stood at 21.9 percent. On the regional front, the Eastern region recorded the highest food inflation rate of 51.3 percent while the Upper East recorded the lowest…

20 Dec

Inflation To Remain Above Medium Target Of 8%±2 – BoG

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The Bank of Ghana is projecting that inflation will remain above the upper band of the medium-term target of 8%±2 until 2025. According to the Central Bank, there are risks to the outlook. “Risks to the outlook include the second-round effects of the recent upward adjustments in utility tariffs in September 2023 (electricity by 4.22% and water by 1.18%), climatic factors, unexpected cuts in OPEC+ crude oil production, and the escalation of geopolitical tensions which might impact crude oil prices”. These risks, however, it said, are expected to be moderated by favourable base drift effects, tight monetary policy stance, relative…