Ghana’s inflation rate increased to 50.3% in November from 40.4% in October.
Ghana’s inflation rate jumped more than expected in November fueled by a slump in the cedi, raising pressure on the central bank to continue increasing borrowing costs next month.
Samuel Kobina Annim, Government Statistician for Ghana, announced this while speaking with journalists on Wednesday.
The announcement comes a day after Ghana secured a staff-level agreement with the International Monetary Fund (IMF) on a $3 billion loan to tackle its economic challenges.
Ghana is currently battling an economic crisis that has seen food and fuel costs spiral to record levels as well as rapid depreciation of the cedi.
The country’s statistics office said costs rose the most in the category of housing, water, gas and electricity, with prices up 79.1 per cent.
It was followed by furnishings and household equipment at 65.7%, followed by transport, including fuel at 63.1 per cent.
Comments are closed.