inflation Archives - Page 3 of 5

14 Dec

November Inflation Drops To 26.4% From 35.2%

Wontumi1Businessinflation

For the fourth conservative time, inflation has dropped, recording a rate of 26.4% in November. This represents an 8.8 percentage point decrease from the 35.2 percent recorded in October 2023. According to the Consumer Price Index (CPI) data released on Thursday, December 14, the year-on-year food inflation stood at 32.2 percent and non-food inflation at 21.7 percent. The Government Statistician, Professor Samuel Kobina Annim highlighting the rates said the Western region recorded the highest inflation rate of 39.8 percent while Greater Accra recorded the least inflation rate of 19. 8 percent. Professor Annim added “From a Food and non-food perspective,…

11 Dec

Government To Borrow ¢94.4Bn Via T-Bills In 2024

Wontumi1Businessinflation, Interest Rates, T-Bills

Government will borrow ¢94.4 billion via treasury bills in 2024 to finance its expenditure. This includes ¢31.8 billion buffer for auction shortfalls. Analysts believe the government will continue the excess uptakes to build the target buffer. Given the lower inflation and interest rates outlook, the locking-in of the 364-day yield offers a better inflation-adjusted return over the holding period. In November 2023, the government accepted ¢15.3 billion, surpassing the rollover obligation by 45.4% and the offer target by 26.5%. However, investors submitted total bids worth ¢15.6 billion (+14.9% month-on-month), exceeding the T-bill offer target by 29.0%. Importantly, money market liquidity…

14 Nov

October 2023 Inflation Drops To 35.2 Percent

Wontumi1Businessinflation

The year-on year Inflation for the month of October 2023 has dropped to 35.2 percent from the 38.1 percent September 2023. Data from the Ghana Statistical Service showed that the decrease in the general inflation rate can be attributed to the marginal drop in food inflation. Food inflation in the period was 44.8 percent, while non-food was 27.7 percent In addition, Inflation for locally produced item was 34.4 percent while imported items was at 34.4 percent from 37.4 percent in last month. Eastern Region recorded the highest rate of food inflation while Upper East region recorded the lowest rate. …

18 Oct

Inflation To Reduce To 26.7% By December, 15% By End Of 2024 – Akufo-Addo

Wontumi1Businessdeflation, inflation

President Nana Addo Dankwa Akufo-Addo is predicting a reduction in the country’s inflation rate by the close of this year, 2023. Inflation is the rate of increase in prices over a given period of time. Ghana’s current inflation rate stands at 38.1 percent as of September 2023. According to the president, measures are being put in place by the government to revive the economy and tame inflation. President Akufo-Addo was speaking at a meeting with the Christian Council of Ghana at the Jubilee House when he made the remarks. “The signs are becoming clearer and clearer, the very high rate…

18 Oct

Producer Price Inflation For September 2023 Falls To 25.1%

Wontumi2Businessinflation

The Ghana Statistical Service has revealed that the Producer Price Inflation for the month of September has reduced to 25.1%. This is indicative of a 3.1% fall. The month-on-month change in the PPI between August 2023 and September 2023 was 2.7%. The PPI in the manufacturing sector for September stood at 16.0%. Thirteen sub-sectors led by the Manufacture of textiles (68.9%), manufacture of pharmaceuticals, medicinal chemical, and botanical products (66.1%), and manufacture of other non-metallic mineral products (50.1%) recorded inflation rates higher than the manufacturing average. For the Services sector, the rate increased from 15.5% in August 2023 to 16.1%…

11 Oct

IMF Lowers Ghana’s Average Inflation For 2023 To 42.2%; End-Year Inflation Estimated At 31.3%

Wontumi1BusinessIMF, inflation, WEO

The International Monetary Fund (IMF) has lowered Ghana’s average inflation forecast for 2023 to 42.2% from the earlier 45.4%. It is also forecasting an end-year inflation of 31.3% According to its 2023 World Economic Outlook (WEO), this will however be among the highest in Sub-Saharan Africa. In 2022, Ghana’s average inflation was estimated at 31.9% whilst the end-of-year inflation stood at 54.1% The report stated that the near-term inflation expectations remain elevated and above target, as inflation rates may contribute to more persistent wage and price pressures. This would complicate the task of monetary policy in restoring price stability. It…

05 Oct

World Bank Africa Pulse Report: Ghana’s Inflation 4th Highest In Sub-Saharan Africa

Wontumi1Businessenergy prices, food prices, inflation, October 2023 Africa Pulse Report, World Bank

Ghana’s inflation of 40.1% is the 4th highest in Sub-Saharan Africa in 2023, the World Bank October 2023 Africa Pulse Report has revealed. Zimbabwe is 1st with more than 80% inflation and is followed by Sudan (60%) and Sierra Leone (42%). According to the report, food and energy prices are still contributing to driving headline inflation in most countries in the region. By July 2023, it said, nearly half of the countries in the region with monthly available information on food prices (20 of 41 countries) had double-digit year-on-year rates of food inflation, with the fastest increases experienced in Burundi, Ghana, Malawi,…

20 Sep

Policy Rate To Be Maintained At 30% – GCB Capital

Wontumi1BusinessGCB Capital, inflation, policy rate

Ahead of the announcement of a policy rate on Monday September 25, 2023, GCB Capital expects the Monetary Policy Committee [MPC] of the Bank of Ghana to maintain the policy rate at 30% for the rest 2023. It however believes the policy stance will subside in first quarter of 2024 once inflation eases sufficiently. In its weekly report, it said inflation will decline in quarter 2023. “Separately, the CPI [Consumer Price Index] data published last week shows headline inflation eased by 3% in August 2023 ahead of the MPC meeting starting at midweek. Despite the simmering upside risks from petroleum…

14 Sep

Reducing Inflation: Leverage Numerous Warehouses To Store Excess Food – Prof Peprah

Wontumi1BusinessAndrews University, Food inflation, inflation, Professor Williams Kwasi Peprah

Associate Professor of Finance at Andrews University in Michigan, Professor Williams Kwasi Peprah has called on government to leverage its numerous warehouses in the country to store the excess food in the market to sustain the downward inflationary trend. His comment follows the slowdown of inflation in the month of August, 2023 to 40.1% from the 43.1% recorded in July 2023. Food inflation witnessed a decrease to 51.9% from the 55% the previous month. Reacting to this development on Business Live on Joy News, Prof. Peprah admonished government to take proactive steps to sustain this trajectory. “The government has already…

13 Sep

Market Anticipates Further Inflation Pressure In August

Wontumi2Businessinflation

As the clock ticks toward the release of August 2023 inflation figures today, there is growing anticipation that headline inflation will extend its upward trajectory for the fourth consecutive month – marking a worrisome trend since May of this year. After recording disinflation in the first four months, Ghanaians have had to grapple with an acceleration in the rate from May to July 2023. The surge in inflation since May 2023 can be attributed to a combination of factors, including the impact of new revenue interventions, upward adjustments in utility tariffs and persistent food price pressures. While the initial effects…