IMF projects higher inflation rate for Ghana
By
Elorm Desewu
The
International Monetary Fund, (IMF) has projected an end year inflation of 8.7
percent for the country, which is slightly higher than the 8 percent target by
the government.
However,
the IMF projection of 8.7 percent end year was within the Central bank’s target
band of 8±2
percent.
Figures
from the Ghana Statistical Service indicates that year on year inflation
measured by the Consumer Price Index, (CPI), has inched up marginally to 9.3
percent for the period ended March 2019 from 9.2 percent recorded in February
this year.
This
means that prices for goods and services has gone up by 0.1 percent for the
month of March 2019.
Two
inflation readings released by the Ghana Statistical Service since the January
showed inflation still within the medium term target band.
Inflation
decelerated in January to 9.0 percent, from 9.4 percent in December 2018, but
inched up to 9.2 percent in February 2019 driven by increases in non-food inflation. Since the last quarter of 2018, inflation has
oscillated within a band of 9.0 - 9.5 percent, underpinned by a relatively
tight monetary policy stance.
Underlying
inflationary pressures, as measured by the Central Bank’s core inflation have
continued to ease and inflation expectations remain well-anchored.
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