Ghana’s annual inflation rate accelerated for the 14th straight month to 31.7% in July of 2022, from 29.8% in June, breaching the upper ceiling of the central bank’s target band of 6% to 10% for eleven months.

It was the highest reading since December of 2003, surpassing market forecasts of 30.8%.

Prices quickened further for both food (32.3% vs 30.7% in June) and non-food products (31.3% vs 29.1%), on the back of a weakening cedi, with prices of imported goods outpacing domestic ones for the fourth month.

On a monthly basis, consumer prices advanced by 3.1%, up slightly from a 3% rise in the previous month

Credit: tradingeconomics