Ghana Inflation Rate Continues to Rise

The Ghanaian annual inflation rate accelerated for the tenth consecutive month to 15 percent in June of 2014 from 14.8 percent in May, standing well above the government’s 9.5 percent plus or minus 2 percent target range.

Consumer prices accelerated to a new four-year high in June, recording its biggest rate since December of 2009.

The highest upward pressure came from cost of housing, water, electricity, gas and other fuels which increased 53.6 percent year-on-year. Transport cost rose 24.6 percent.

Food and non-alcoholic beverages cost rose 7.9 percent year-on-year from an 8.0 percent increase recorded in May of 2014. In particular, prices increased for mineral waters, soft drinks and fruit (21.7 percent in June of 2014), coffee, tea and cocoa (14.2 percent), milk, cheese and eggs (12.8 percent), food products n.e.c (12.6 percent), sugar, jam, honey, chocolate (12.3 percent), oils and fats (11.6 percent), meat and meat products (10.5 percent), cereals and cereal products (9.4 percent).

On a monthly basis, consumer prices increased 1.6 percent in June of 2014, from 0.9 percent in the previous month.

Ghana Inflation Rate Continues to Rise

Joana Taborda |
7/9/2014 5:58:24 PM