Ghana’s inflation rate rises again, hits 37.2% in September 2022

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From 33.9 percent in August 2022 to 37.2 percent in September 2022, the inflation rate increased.

On Wednesday, October 12, 2022, the Ghana Statistical Service (GSS) issued the updated number.

Based on the new dataset, the CPI for September 2022 was 140.6.

The Ghana Statistical Service reported that annual inflation in August was 33.9% last month.

The second-largest exporter of cocoa in the world has seen prices rise as a result of rising input costs, rising food and energy prices globally, and the cedi’s 42% decline versus the dollar this year.

Imported goods experienced annual inflation of 40.7% in September, compared to local goods’ 35.8%.

The central bank unexpectedly increased the benchmark interest rate by 250 basis points last week due to the weakening of the cedi and projections that inflation will continue high, bringing the total increase since November to 11 percentage points.

The central bank may decide to maintain borrowing prices in November when the monetary policy committee meets for the final time for the year due to the significant rate rises thus far, a stable cedi, and continued government efforts to obtain a $3 billion bailout from the IMF.

At this week’s annual conference of the lender in Washington, discussions with the IMF regarding the package are still ongoing.

Non-food inflation was 36.8% and the annual growth in food prices was 37.8%.

In the month, prices increased 2%.

In the nation’s capital, Accra, the Ghanaian cedi fell 1.3% against the dollar to trade at 10.7296 at 12:50.


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