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Ghana Inflation September 2023

Ghana: Inflation drops in September

Inflation dropped to 38.1% in September, following August’s 40.1%. September’s reading marked the lowest inflation rate since September 2022. Looking at the details of the release, prices for food and beverages and transport increased at a weaker rate in September.

Annual average inflation ticked down to 44.9% in September (August: 45.0%).

Finally, consumer prices increased a seasonally adjusted 1.88% from the previous month in September, contrasting the 0.23% fall seen in August.

On the outlook for inflation, analysts at Goldman Sachs commented:

“We expect the base effects on food inflation to drive disinflation in Q4, following last year’s recurrent FX shocks that took place in H2. That said, the recent global commodity price increases and the dominance of these items in Ghana’s CPI basket (food accounts for 43% of the basket) imply elevated uncertainty regarding this element of the disinflation process in Ghana.”

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