Accra — Ghana’s consumer inflation slowed for the 11th consecutive month, falling to 6.3% year on year in November from 8.0% in October, the statistics service said on Wednesday.
Government statistician Alhassan Iddrisu told a press conference that the drop was mostly driven by a slowdown in food inflation.
“Domestic price conditions and external market conditions are both stabilising,” Iddrisu said, adding that inflation was now at its lowest since a rebasing exercise in 2021.
The West African gold-, oil- and cocoa-producing nation is emerging from its most severe economic crisis in decades.
Ghana’s central bank 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.
Last week it lowered the rate by 350 basis points to 18% following cuts of 350 basis points in September and 300 basis points in July.
The Bank of Ghana targets inflation of 8% with a tolerance band of 2 percentage points either side.
Inflation was at 23.8% in December last year.
*Emmanuel Bruce & Christian Akorlie; Anait Miridzhanian; editing: Alexander Winning – Reuters
