Sunday 22 October 2017

Ghana inflation falls to four-year low of 11.9 pct in July

Ghana inflation falls to four-year low of 11.9 pct in July
(Reuters (Eng) 08/09/17)
Ghana inflation falls to four-year low of 11.9 pct in July

Ghana's annual consumer price inflation fell a third consecutive time this year to 11.9 percent in July from 12.1 percent the previous month as the local cedi currency stabilized, the statistics office said on Wednesday. The major commodity exporter is aiming to narrow inflation to 11.2 percent by the end of the year to restore economic stability under a three-year assistance programme with the International Monetary Fund.

July's index was the lowest since September 2013, acting government statistician Baah Wadieh told a news conference in Accra. "Exchange rate has been fairly stable most of the year and transport inflation is easing. There's also not been any major shock in the economy in the past three months," Wadieh said. Food inflation rose to 7.2 percent in July from 6.2 percent in June while non-food inflation dropped to 14.2 percent from 15.1 percent, he said. The government of President Nana Akufo-Addo, who assumed office in January, is aiming at a medium-term inflation of 8 percent plus or minus two percentage points by the end 2018.

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