Ghana: Inflation accelerates to six-month high in November
Latest reading: Inflation rose for a third consecutive month in November, increasing to 23.0% from October’s 22.1%. November’s reading marked the highest inflation rate since May. Food prices accelerated, with imports having become more expensive because the cedi has weakened roughly 20% versus the U.S. dollar so far this year. In addition, price pressures for transport and for housing and utilities grew at a quicker rate as power cuts resumed, stoking electricity prices.
Still, the trend pointed down, with annual average inflation falling to 22.8% in November (October: 23.1%).
Finally, consumer prices increased a seasonally adjusted 2.56% in November over the previous month, picking up from October’s 0.86% rise.