Ghana’s inflation rate climbed to the highest level in 21 years, and for the 15th straight month to 33.9% in August of 2022, from 31.7% in July.
That’s the fastest pace since August 2001 and the 12th consecutive month the inflation rate has surpassed the top of the central bank’s target band of 6% to 10%.
Food-price growth quickened to 34.4% from 32.3% in July, and non-food inflation accelerated to 33.6% from 31.3%. On a monthly basis, prices climbed 1.9%, the least in eight months, after a 3.1% rise in the prior month.
Prices of imported goods rose more than domestic ones for the fifth month on the back of a sliding currency.
The cedi has weakened more than 39% against the dollar this year and is the second-worst-performing currency in the world, after the Sri Lankan rupee.
The depreciation prompted the central bank to hold a surprise meeting last month, when it raised the key interest rate by 300 basis points to 22%, the biggest margin since at least 2002, bringing cumulative increases since November to 850 basis points