Market News
Ghana inflation accelerates for second month in September -
BY Emmanuel Bruce and Christian Akorlie
ACCRA, Oct 7 (Reuters) – Ghana’s consumer inflation quickened for the second month in a row in September, reaching 5.2% year-on-year from 5.0% the previous month, data from the statistics service showed on Wednesday.
Government statistician Alhassan Iddrisu said non-food inflation was a key driver of the increase.
Inflation has almost halved over the past year, though it has started to edge up again after July’s fall, Iddrisu said during an online press briefing.
“At 6.2% (non-food inflation) still outpaces food (4.0%) and makes up nearly two-thirds of inflation,” Iddrisu’s presentation showed.
About 86% of Ghana’s inflation comes from goods and services made in the West African country.
“Inflation is now a home-grown, services story,” the presentation added.
The central bank maintained its main interest rate for the third meeting running in September, saying inflation was expected to move up into its 6% to 10% target band over the next few quarters.
