Consumer inflation in Ghana slowed for the 10th consecutive month, falling to 8.0% year on year in October from 9.4% in September, the lowest level since June 2021, the statistics service said this Wednesday.
Government Statistician Alhassan Iddrisu told a press conference that food prices were driving the overall decline in inflation.
“Ghana’s disinflation process is firmly under way. Price stability is returning, and key drivers that once fuelled double-digit inflation are now losing momentum,” Iddrisu said.
The gold-, oil- and cocoa-producing nation in West Africa is emerging from its most severe economic crisis in decades.
Ghana’s central bank now targets inflation of 8% with a margin of error of 2 percentage points either side.
The International Monetary Fund said in October it had reached a staff-level agreement with Ghana’s authorities on the fifth review of its loan programme.
–Reuters–
