Director of Research at the Bank of Ghana (BoG), Dr. Philip Abradu-Otoo, says Ghana’s current inflation of 50.3% was expected.
He said the BoG in one of its Monetary Policy Committee (MPC) press releases anticipated that inflation will continue to rise.
Speaking on the Point of View Citi TV, Dr. Abradu-Otoo explained that, “the inflation number we are seeing in November is expected. Given the level of depreciation we saw in October, inflation has just moved to 50.3%. You recall in our MPC press statement, we indicated that inflation will continue to rise. We expected inflation to peak somewhere in the first quarter of 2023 because we have factored in all these events”.
According to the Director of Research at BoG, the central bank peaked inflation at 50.1%.
Continuous increases in prices of housing, electricity and fuel have pushed Ghana’s inflation rate to hit 50.3% for the month of November 2022.
November’s inflation rate is a significant increase from the 40.4% recorded for October 2022.
This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday, December 14, 2022.
Per the data, food inflation hit 55.3%, from October’s rate of 43.7% and Non-food inflation also shot up by 7.2% to 46.5% in November 2022.
The Greater Accra region was hit with an inflation rate of 61.6%, whereas the Eastern region recorded the highest inflation rate of 63.3%.
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