Inflation in Ghana has risen for a fourth straight month with food inflation, the largest contributor to the country’s overall inflation rate, rising for a third straight month.
This is according to figures released on Wednesday by the Ghana Statistical Service which showed consumer price inflation was at 9.7% year-on-year in August compared with 9% in the previous month.
The GSS says housing inflation surged past transportation to become the second-largest contributor to Ghana’s inflation rate while transportation inflation, now the third-largest contributor, also rose last month.
Head of the statistics office, Samuel Kobina Annim, told a news conference that, Food contributes more than half to overall inflation, and combined with housing more than two-thirds, and further including transport, more than four-fifths.”
Despite the steady increases, Ghana’s inflation rate still remains within the Bank of Ghana’s targeted band of 8% plus or minus 2 percentage points.