Inflation slows to 12.1% in June on lower food, petroleum prices

July 12, 2017 Leave a comment

Ghana’s annual consumer price inflation fell to 12.1 percent in June from 12.6 percent the previous month, driven lower by falling food and petroleum prices, the statistics office said on Wednesday.

The major commodity exporter is aiming to narrow inflation to 11.2 percent by the end of the year as part of a drive to restore macroeconomic stability under a three-year assistance programme with the International Monetary Fund.

“Food and non-alcoholic beverages, in addition to petroleum prices recorded lower prices in June, compared to the same period (June) last year,” acting government statistician Baah Wadieh told a news conference in Accra.

Food inflation dipped to 6.2 percent compared to 6.3 percent in May while non-food inflation dropped to 15.1 percent in June from 15.8 percent, Wadieh said, adding that the June figure was the lowest since December 2013.

The government of President Nana Akufo-Addo, who assumed office in January, said in April it was committed to reducing inflation, public debt and the budget deficit.

Ghana was one of Africa’s strongest economies until 2014 when it was hit by a slump in commodity prices and a fiscal crisis.

Source: Reuters