Ghana’s annual inflation rate accelerated for the 15th straight month to 33.9% in August of 2022, from 31.7% in July, but below market forecasts of 34.3%.

It was the highest reading since August of 2001, even after Ghana’s central bank delivered a record 300bps rate hike during an emergency meeting in August.

Prices continued to soar for both food (34.4% vs 32.3% in July), namely oils & fats and non-food items (33.6% vs 31.3%), of which transport and housing & utilities, with prices of imported goods rising more than domestic ones for the fifth month on the back of a sliding currency.

On a monthly basis, consumer prices rose by 1.9%, the least in eight months, after a 3.1% rise in the prior month.

Credit: trading economics