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Home General News Around the World

Africa: Ghanaian inflation rate drops for the 3rd straight month to 10.1%

William Ukpe by William Ukpe
November 12, 2020
in Around the World
Africa: Ghanaian inflation rate drops for the 3rd straight month to 10.1%, Ghana’s cedi becomes investors’ best choice ahead Nigeria’s naira, Ghana restricts flights into country after detecting Coronavirus but Nigeria ignores measure

Nana Akufo-Addo, Ghana's President

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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.

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.

READ: CBN promises to sustain FX restrictions on import of food items that can be produced locally

READ: United Capital Plc records 16% rise in profit to N1.9 billion in H1 2020

He also disclosed that 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.

READ: Despite shutdown, Caverton rakes in N8billion in Helicopter and Aircraft revenues

What you should know

The Ghanaian inflation rate is much less volatile compared to her West African neighbor, 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. 

READ: EFCC gives reason for unspent N4 billion in 2020 budget

  • Nigeria’s food inflation rate rose by 16.66% in September 2020, 0.66% increase when compared to 16% recorded in the previous month.
  • On a month-on-month basis, the food sub-index rose by 1.88% compared to 1.67% recorded in August 2020. 

READ: GSM firms set to rake in billions from data guzzling #ENDSARS Protesters

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