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Imported inflation was 61.9%, food prices rose 59.7% and transport costs increased 71.4% with the new rate.
The country’s official currency, cedi,lost as much as 6.1% against the dollar before the date was released. Reacting to the rate, an economist at Accra-based GCB Capital Ltd, Courage Boti, said, “I think the peak of inflation is near, the policy rate will be held given the outlook for a slowing inflation rate.
“Economic growth is already depressed and fourth quarter GDP promises to be even lower — as a result the central bank may become more inclined to supporting growth and being more accommodative as inflation is seen moving in the right direction.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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