Ghana inflation falls to five year low
Ghana’s inflation rate eased to 3.8 percent in January, the lowest level since the consumer price index was rebased in 2021, extending a 13 month run of slowing price growth. Data from the Ghana Statistical Service showed prices rose by 0.2 percent compared with December, as both food and non food costs continued to moderate. Food inflation slowed to 3.9 percent year on year, while non food prices declined by 0.4 percent on a monthly basis. The steady fall in inflation has encouraged the Bank of Ghana to shift policy. The central bank cut its benchmark interest rate by 250 basis points to 15.50 percent last week to support economic growth while keeping prices under control. Officials say the disinflation trend has been driven by a stronger cedi, lower import costs and better food supply, backed by tighter monetary policy […]