Economics
Inflation Rate at 18-Year High as Food Costs Surge in Ghana
- Inflation accelerated for 12th successive month in May
- Central bank raised rates to four-year high last month
Food prices in Ghana have climbed 30.1% from a year earlier.
Photographer: Nipah Denis/BloombergThis article is for subscribers only.
Ghana’s inflation rate jumped to the highest level in more than 18 years in May as food and transport costs surged.
Annual inflation accelerated to 27.6%, the fastest pace since January 2004, from 23.6% in April, Government Statistician Samuel Kobina Annim told reporters Wednesday in Accra, the capital. The headline inflation rate is more than double the upper ceiling of the central bank’s target band of 6% to 10% and has been above that range for nine months. Prices jumped 4.1% in the month.