Days after the country was downgraded by S&P Ratings Agency to junk status, the Ghana Statistical Service announces the inflation rate for July 2022 has hit 31.7 per cent, from 29.8 per cent in June, which was a 19-year high, driven by high transport, housing and food prices.
Despite averaging 12 per cent in the last quarter of 2021, Ghana’s year-on-year inflation has been on the rise. In the second quarter of 2022, however, inflation averaged 27 per cent.
With a fast-depreciating cedi, the prospects are that inflation would keep rising in the coming months, even though price pressure is expected to ease as the price of wheat on the global market dips and the country approaches the harvest season. The cedi has depreciated more than 30 per cent against the US dollar since the beginning of the year.
The post Ghana inflation rate for July jumps to 31.7% appeared first on Ghana Business News.
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