Ghana: Inflation increases but remains within target in August
Inflation accelerated to 9.9% in August, from 9.6% in July. The uptick was driven by stronger food-price inflation, in particular by higher prices for cocoa, fruits and meat products. Non-food inflation also edged up in August, albeit the uptick was only marginal.
As a result, inflation remained within the Central Bank’s medium-term inflation tolerance band of 8.0% plus or minus 2.0 percentage points. Meanwhile, annual average inflation ticked down from 10.8% in July to 10.6% in August, marking an over four-year low.
On a month-on-month basis, consumer prices remained unchanged from the previous month in August, in contrast to the 0.4% increase recorded in July.