Inflation ends 2022 at record 54.1%; lending rates to remain high

mynewsghana.com

Jan 11, 2023 10:52 AM

Inflation ends 2022 at record 54.1%; lending rates to remain high

Inflation shot up by 3.8% to end 2022 at 54.1%, data from the Ghana Statistical Service (GSS) has revealed.

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Despite a strong improvement in the value of the cedi and a reduction in the prices of petroleum products, the rate of inflation still went up in December 2022. This was due to steep increases in food, transport and housing costs.

However, the rate of increase in inflation slowdown.

According to the figures, food prices rose 59.7% and transport costs increased by 71.4%.

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However, the Bank of Ghana is expected to keep the policy rate unchanged at 29% as the rate of increase in inflation slows down.

More soon…………..

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[Source: MyJoyOnline.com]

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