Inflation Archives - Page 5 of 7

22 Jun

Producer Price Inflation For May 2023 Drops To 30.3%

wontumionlineBusinessInflation

The Producer Price Inflation (PPI) for the month of May, 2023 fell to 30.3%, from the 34.3% that was recorded in April. According to the Ghana Statistical Service (GSS), this figure represents a 4.0 percentage point decrease in producer inflation relative to the rate recorded in April 2023 (34.3%). The GSS data showed that the month-on-month change in the PPI between April 2023 and May 2023 was -2.7 percent. Per the data from the GSS, the producer price inflation in the industry-less construction sector decreased to 32.5 percent in May 2023 from 37.1 percent in April 2023. The PPI in…

21 Jun

Inflation To Remain Above 10% Until End-2025 – BoG

wontumionlineBusinessBoG, Food inflation, Inflation, Non-food inflation

Barring any unanticipated shocks, inflation is projected to gradually trend downwards but remain above the upper band of 8±2% until the end of 2025. According to the May 2023 Monetary Policy Report by the Bank of Ghana, risks to the inflation outlook are fairly tilted to the downside supported by the relative stability in the exchange rate, reduction in ex-pump petroleum prices, alongside base drift effects. This could mute the upward adjustments in administrative prices. Given these considerations, the Monetary Policy Committee decided to maintain the Monetary Policy Rate at 29.5% in May 2023. Headline inflation had already declined significantly…

14 Jun

Inflation For May 2023 Increases Marginally To 42.2%

wontumionlineBusinessGhana, Inflation, Prof. Samuel ANNIM

The year-on-year Inflation for May 2023 has increased to 42.2% from 41.2 % recorded in April 2023. The marginal increase was largely influenced by a spike in food Inflation during the period. According to the Ghana Statistical Service, Food Inflation went up significantly from 48.7 percent in April 2023 to 51.8 percent for the month of May 2023. However, the Non -Food Inflation decline from 35.4 percent in April to 34.6 percent in May 2023 . The Government Statistician, Prof. Samuel Kobina Annim made the announcement in Kumasi in the Ashanti region. Prof. Annim explained that the contribution of the…

18 May

Producer Price Inflation Hits 43.9%

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Data from the Ghana Statistical Service (GSS) indicates that the country’s Producer Price Inflation (PPI) has increased to 43.9% for the month of April 2023. What this means is that the PPI rate indicates that between April 2022 and April 2023, the country’s PPI witnessed a 2.1 per cent point increase in producer inflation relative to the rate recorded in March 2023. In March 2023, the PPI rate for the country stood at 41.8 per cent. For March, the month-on-month change in the PPI between March 2023 and April 2023 was 2.8%. According to the report from GSS, in the…

03 May

EIU Expects Inflation To End 2023 At An Average 38.1%

wontumionlineBusinessEIU, Inflation

Economist Intelligence Unit (EIU) expects inflation to end the year at 38.1 percent on the average, despite a slowdown in monthly inflation over most of the period. According to the UK-based firm, the upward domestic price pressures will be spurred in part by pass-through effects of sustained depreciation and the introduction of new taxes, including a rise in the Value Added Tax (VAT) rate and excise duties. “We expect inflation to rise further on average in 2023, to 38.1%, despite a slowdown in monthly inflation over most of the period, with inflation having declined to a (still very high) annualised…

19 Apr

Economic Instability: We Have Been Indisciplined; We Don’t Learn From Our Mistakes – IEA To Government

wontumionlineBusinessDr. John Kwakye, Fiscal deficit, Inflation, Institute of Economic Affairs

The Institute of Economic Affairs has expressed worry about the repetition of past mistakes by governments which has made the Ghanaian economy unstable over the years. According to the economic think tank, the indiscipline in managing the country’s finances has caused the high fiscal deficits and consequently high inflation and currency instability, forcing innocent Ghanaians and businesses to pay for the mismanagement. In a paper on “Institutionalising Fiscal Discipline and Macroeconomic Stability for Sustained Growth in Ghana: The Constitutional Pathway”, Lead Researcher, Dr. John Kwakye said Ghana has a long history of fiscal indiscipline and this is evident in its…

13 Apr

GUTA Urges Members To Reduce Prices Of Goods

wontumionlineBusinessExchange rate, GUTA, Inflation, prices

The Ghana Union of Traders Association (GUTA) has entreated its members to respond positively to the improved economic position of the country and adjust prices accordingly. According to a statement from the traders group, efforts by the government and the Bank of Ghana to bring down inflation and exchange rate are commendable, hence the call on its members to cut prices of goods. “GUTA, entreats all members of the business community to respond positively to the changing trend and adjust prices to reflect the exchange rate. We express our pleasure to the government and the Bank of Ghana for their…

12 Apr

IMF Revises Ghana’s Average Inflation Forecast To 45.4% In 2023

wontumionlineBusinessGhana, imf, Inflation

The International Monetary Fund has revised its average inflation forecast for Ghana in 2023 to 45.4%. This is in line with the high prices of foodstuffs and other commodities such as crude oil on the world market. According to the Fund’s April 2023 World Economic Outlook Report, inflation in Ghana will however end the year at 29.4%. But in 2024, inflation will average 22.2% and end the year at 15.0%. The report further said global headline inflation has been declining since mid-2022 at a three-month seasonally adjusted annualized rate. “Global headline inflation has been declining since mid-2022 at a three-month…

10 Apr

Inflation To Average 16% In 2024 – Fitch Solutions

wontumionlineBusinessBoG, Fitch solutions, imf, Inflation

Inflation will average 16.0% in 2024, Fitch Solutions has projected. However, it is forecasting inflation to average 37.6% in 2023, higher than the 31.5% recorded in 2022. “As such, we believe that policymakers will remain focused on controlling price growth in the near term as they aim for a more substantial disinflation trajectory before concluding the tightening cycle” it stated in its latest assessment of Ghana. It said under an expected International Monetary Fund (IMF) programme, the Bank of Ghana will likely be encouraged to keep the policy rate elevated to “strengthen its monetary policy framework”. “We forecast inflation will…

16 Mar

February 2023 Inflation Slows To 52.8% To Sustain Downward Trend

wontumionlineBusinessGhana, GSS, Inflation

Year-on-year Inflation for the month of February 2023 slowed down to 52.8%, the Ghana Statistical Service has pointed out. This is a reduction from the January 2023 estimate of 53.6%, which was influenced by the fall in inflation of transportation and other non-food items. This is the second consecutive time that the rate has dropped in 20 months. In January 2023, inflation fell marginally to 53.6%, from 54.1% recorded in December 2022. Five divisions recorded inflation rates higher than the national average. They are Transport (70.3%); Furnishings, Household Equipment (69.8%); Housing, Water, Electricity, Gas and Other Fuels (69.6%); Personal care,…