Ghana consumer inflation surges to 33.9% in August

(Xinhua) — The annual consumer inflation maintained an upward surge in Ghana, increasing to 33.9 percent in August, the Ghana Statistical Service said Wednesday.

Samuel Annim, the Government Statistician, who announced this at a press briefing, attributed the rise in the inflation rate to the increasing prices of food and non-food items.

He said the inflation rate for food increased to 34.4 percent in August from 32.3 percent in July, while non-food inflation surged to 33.6 percent during the month under review from 31.3 percent in July.

In the meantime, inflation stood at 33.4 percent for locally produced items and 35.2 percent for imported items.

The Bank of Ghana, the central bank, announced on Aug. 18 a 300 basis points increase in the benchmark policy rate to 22 percent, saying the decision to increase the rate was aimed at combating the ever-surging inflation and continued depreciation of the local currency.