Cedi slump drives surprise jump in Ghana inflation rate to 50.3%
Ghana’s inflation rate climbed more than expected in November as a slump in the value of the cedi raised the cost of imported goods like gasoline, driving up transport costs.
Annual inflation quickened to 50.3% in the world’s second-largest cocoa producer, from 40.4% a month prior, Government Statistician Samuel Kobina Annim told reporters Wednesday in the capital, Accra.
That’s the fastest pace since at least January 2004 and the 14th straight month the inflation rate has surpassed the 10% ceiling of the central bank’s target range.
The median estimate of six economists polled by Bloomberg was 42.7%. Imported inflation was 55.1% and transport prices rose 63.1%.
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