President Nana Akufo-Addo of Ghana

Ghana’s inflation declines 10.4 percent for straight months on food prices

*Annual inflation rate declined to 10.4 percent September 2020, while food prices rose 11.2 percent from year ago, fell 0.5 percent in the month, says Government Statistician Samuel Kobina Annim

Alexander Davis ConsumerConnect

Despite the relative adverse impacts of the novel Coronavirus disease (COVID-19) on other economies in the West African Sub-Region, Ghana’s inflation rate yet fell for a second month in September 2020, as food-price growth cooled further.

Samuel Kobina Annim, government statistician, told reporters in Accra, the nation’s capital, Wednesday, that the annual consumer inflation slowed to 10.4 percent from 10.5 percent reported in August.

The median estimate of three economists in a Bloomberg survey was 10.5 percent, as prices fell 0.2 percent in the month, the first monthly decline in a year.

Food prices rose 11.2 percent in September from a year earlier, compared with 11.4 percent in August, and costs declined by 0.5 percent on a monthly basis.

Report indicated that the Central Bank of Ghana has kept its key interest rate at 14.5 percent for a third straight meeting last month.

The Bank stated that the economy is starting to recover and inflation is expected to be back inside the target band of 6 percent to 10 percent by the second quarter of next year.

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