Ghana's inflation hit 22.1% in October, driven by rising food prices, complicating rate cuts.

Ghana's inflation rate reached a four-month high of 22.1% in October, up from 21.5% in September, driven mainly by a 22.8% rise in food prices. This increase diminishes the likelihood of the Bank of Ghana cutting interest rates later in November, as inflation was expected to drop to around 18% by year-end. The cedi also weakened to a record low of 16.4 per dollar, influenced by the strength of the US dollar following the recent US presidential election.

November 06, 2024
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