Ghana’s consumer inflation rate increased in September, ending a five-month streak of declines, primarily due to a rise in food prices, according to the country’s statistics service on Wednesday.
Inflation rose to 21.5% year-on-year, up from 20.4% in August. Samuel Kobina Annim, Ghana’s government statistician, attributed the jump to a significant 3-percentage point increase in food inflation.
“This five-month successive decrease in the rate of inflation has been reversed in the month of September, with food recording a higher rate,” Annim said during a news conference.
The inflation spike comes shortly after Ghana’s central bank lowered its main interest rate by 200 basis points to 27%, the first reduction since January, citing improving economic indicators.
Ghana, a key producer of cocoa, gold, and oil, continues to navigate through its worst economic crisis in decades, battling high inflation and other economic challenges.
