Ghana: Inflation comes in at highest level since December 2003 in June
Consumer prices rose a seasonally-adjusted 3.02% from the previous month in June, moderating from the 4.03% increase logged in May. June’s result marked the weakest reading since February. The moderation was broad-based, with reduced price pressures recorded for food and beverages, transport, and clothing and footwear. Moreover, prices for housing and utilities grew at a more subdued pace. That said, the monthly inflation reading remained extremely elevated by historical standards.
Inflation increased to 29.8% in June, following May’s 27.6%. June’s reading represented the highest inflation rate since December 2003. In June, inflation for imported items exceeded domestic inflation for the third month running, reflecting current global inflationary pressures. Meanwhile, annual average inflation rose to 16.4% in June (May: 14.6%).