Year-on-year, cost of housing, water, electricity, gas and other fuels recorded the highest increase (63.5 percent), followed by transport prices (27.1 percent). In contrast, education recorded the lowest increase (3.5 percent). Food prices rose 5.8 percent.
On a monthly basis, consumer prices fell 0.2 percent for the second consecutive month, mainly driven by a 3 percent decrease in cost of food and non-alcoholic beverages.
Inflation has been on an upward trend since the beginning of 2013, staying above the government’s 13 percent target for the last twelve months. Yet, a weak currency has increased import cost. The cedi depreciated more than 38 percent from January to September of 2014. However, following recent discussions with IMF for a government bailout it appreciated almost 2 percent in the first two weeks of October of 2014.