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Ghana Inflation September 2022

Ghana: Inflation comes in at its highest level since July 2001 in September

Inflation increased to 37.2% in September from August’s 33.9%. September’s result was the highest inflation rate in more than 21 years. In August, inflation for imported items exceeded domestic inflation for the sixth month running, reflecting elevated global commodity prices and recent currency depreciation.

Looking at the details of the release, the acceleration was driven by faster price increases for food and beverages as well as housing and utilities. As in last month, food prices grew at a quicker pace than non-food prices.

The trend pointed up, with annual average inflation rising to 22.7% in September (August: 20.5%). Lastly, consumer prices rose a seasonally adjusted 2.0% in September over the previous month, accelerating from August’s 1.91% increase. September’s month-on-month acceleration suggests that inflation has not yet reached its peak.

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