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Ghana Inflation October 2023

Ghana: Inflation falls in October

Inflation came in at 35.2% in October, which was down from September’s 38.1%. October’s figure represented the weakest inflation rate since August 2022. The moderation was broad-based, with reduced price pressures recorded for food and beverages, transport, clothing and footwear and housing.

Annual average inflation fell to 44.2% in October (September: 44.9%).

Finally, consumer prices increased a seasonally adjusted 0.57% from the previous month in October, slowing down from September’s 1.88% increase.

On the outlook for prices in 2024, analysts at the EIU commented:

“Inflation will decline […] in 2024, reflecting a more stable cedi and less rapidly rising prices for domestic food. Although the rate of increase will decrease, prices will remain abnormally high during the year, as rising global prices for refined fuel (a major import) maintain upward pressure on transport costs in the absence of fuel subsidies.”

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