Africa: Ghanaian inflation rate drops for the 3rd straight month to 10.1%
- 12th November 2020
- Posted by: Hakeem
- Category: Economics
The inflation rate of West Africa’s second-largest economy, Ghana slowed for the 3rd month in a row to a rate of 10.1%. However, food inflation rose to 12.6% in October compared to 11.2% in September.
This was disclosed in a report by Bloomberg on Wednesday evening.
What you should know: The Ghanaian inflation rate is much less volatile compared to her West African neighbour, Nigeria which recorded an inflation rate of 13.71% (year-on-year) in September 2020.
According to the Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS), Nigeria has endured a persistent increase in inflationary rate, growing from 12.13% in January to 13.71% in September, which is the highest recorded in 30 months.
Nigeria’s food inflation rate rose by 16.66% in September 2020, 0.66% increased compared to 16% recorded in the previous month, while on a month-on-month basis, the food sub-index rose by 1.88% compared to 1.67% recorded in August 2020.
Statistician to the Ghanaian Government, Kobina Annim, disclosed on Wednesday that Ghana’s inflation rate reduced from 10.4% in September to 10.1% in October.
He also disclosed the main factors contributing to the reduced inflation rate were Housing, electricity, and transportation.
Ghana’s food inflation rate climbed to 12.6% in October compared to 11.2% in September as costs climbed by 0.1% monthly.
Ghana’s Central Bank disclosed that it expects inflation to be between 6% to 10% in the second quarter of 2021.