Ghana Inflation Rate Rises to 3 Year-High in May

Ghana's annual inflation rate accelerated to 10.9 percent in May from 10.6 percent in April, due to higher prices for education, clothes and footwear.

Inflation increased for the fourth month in a row to the highest rate in three years, and it has been under pressure due to the currency depreciation and the effects from the removal of fuel subsidies in February.

The highest increases were recorded in cost of education (up by 19.6 percent), clothing and footwear (up by 16.8 percent), housing, water, power and gas (+16.6 percent) and miscellaneous goods and services (+16.4 percent).  

The index for food and non-alcoholic beverages increased 6 percent, down from 6.4 percent in the previous month.

On a month-over-month basis, inflation rate reached 2.2 percent, versus 1.8 percent in April.

Ghana Inflation Rate Rises to 3 Year-High in May

Joana Taborda |
7/18/2013 12:35:42 PM