According to statistics service data released, Ghana’s producer price inflation decreased from 78.1% in November to 52.2% in December.
According to data released, rising fuel, utility, and food prices caused the crisis-stricken country’s consumer price inflation to accelerate last month to 54.1% year over year. Less than two months’ worth of imports are now covered by the world’s reserves.
The sharp decline in producer inflation month over month may be encouraging for next month’s headline inflation figure, according to Anthony Krakah, head of the statistics service’s industrial statistics division.
If the cedi stabilizes, Krakah told Reuters, “consumer inflation is probably going to go down, but we don’t know for sure.” After a $3 billion staff level agreement, Ghana’s troubled cedi currency experienced a sharp increase against the dollar in December.