Consumer price inflation continued to accelerate in Ghana, coming in at 33.9 percent y/y in August from 31.7 percent in the month prior.
The August reading was the 15th straight month inflation has risen, and the 12th consecutive month it has surpassed the top of the Bank of Ghana’s 6 percent-10 percent inflation target band. The fastest pace of price growth in the economy since August 2001 was underpinned by a surge in the price of imported goods amid a slide in the local currency. Annual imported inflation quickened to 35.2 percent from 33.9 percent in July, outpacing domestic price growth for a fifth month. Meanwhile, food price growth quickened to 34.4 percent from 32.3 percent in July, while non-food inflation accelerated to 33.6 percent in August from 31.3 percent in July.