Ghana’s consumer inflation slowed for the 11th consecutive month, falling to 6.3% year on year in November from 8.0% in October, driven mostly by a slowdown in food inflation.
Government statistician Alhassan Iddrisu attributed the drop to stabilizing domestic price conditions and external market conditions.
The West African nation’s central bank has cut its main interest rate by a cumulative 1,000 basis points at its last three policy meetings, citing an improved economic outlook and expectations for inflation to fall further.
The Bank of Ghana targets inflation of 8% with a tolerance band of 2 percentage points either side.
