Ghana consumer inflation slows to lowest level since 2021
Government statistician Alhassan Iddrisu told a news conference that the underlying causes of inflation were cooling, and the downward shift over the last six months showed a sustained slowdown in prices.
"The disinflation process we are observing means some breathing room for households, a more predictable environment for businesses, and for policymakers, a powerful signal that recent fiscal and monetary efforts may be taking hold," he said.
He urged policymakers to stay the course.
Food inflation dropped to 16.3% from 22.8% in May.
"Given how heavily food prices weigh on the average Ghanaian in terms of households' budget, this single trend can have a meaningful impact on people's lived experiences," Iddrisu said.
Ghana's central bank held its main interest rate (GHCBIR=ECI), opens new tab at 28.00% in May. The bank expected to announce its next monetary policy decision later this month.
The gold- and cocoa-producing West African nation is emerging from its most severe economic crisis in a generation.
Finance Minister Cassiel Ato Forson said in his March budget speech that sharp spending cuts would help bring inflation down to 11.9% by year-end.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Tanzania central bank cuts policy rate as it sees stable inflation
DAR ES SALAAM, July 3 (Reuters) - Tanzania's central bank lowered its benchmark interest rate (TZINTR=ECI), opens new tab by 25 basis points to 5.75% on Thursday, saying it expected inflation to remain stable below its medium-term target. The Bank of Tanzania targets inflation of 5%, and consumer inflation (TZCPIY=ECI), opens new tab has hovered around 3% since it launched its policy rate in January 2024. The bank had left the rate unchanged at its four previous monetary policy meetings. Governor Emmanuel Tutuba told a press conference that the bank's projections showed inflation would remain below target, helped by the onset of the harvest season and exchange rate stability. Tutuba said global risks had moderated on account of tariff negotiations between the U.S. and its major trading partners and the Monetary Policy Committee was confident on the outlook for the third quarter. The East African country's government sees economic growth rising to 6% this year, from 5.5% last year, helped by the start of electricity generation at the Julius Nyerere hydropower dam. President Samia Suluhu Hassan's administration has been pushing ahead with large-scale infrastructure projects like the dam and a railway network ahead of elections due in October.
The Independent
an hour ago
- The Independent
Service sector grows at 10-month high as inflation slows
The UK's service sector grew at its fastest rate for 10 months in June as inflation eased back, according to new figures. Experts said a 'turnaround' in spending by UK businesses and consumers helped to support the industry. The S&P Global UK services PMI survey scored 52.8 for the month, up from 50.9 in May. Any reading above 50 means the sector is growing, while a score below means it is contracting. It was notably stronger than expected for the month, with analysts having predicted a reading of 51.3. Tim Moore, economics director at S&P Global Market Intelligence, said: 'June data highlighted a modest rebound in UK service sector growth, fuelled by a turnaround in domestic business and consumer spending after a soft patch during the spring. 'Business activity expansion was slightly stronger than the earlier 'flash' estimate for June and the fastest seen since August 2024.' Surveyed firms said they saw stronger organic sales growth on the back of 'improving business and consumer spending'. However, some companies also highlighted that 'subdued' UK economic conditions and the impact of US tariffs were still keeping a lid on potential growth prospects. Nevertheless, new orders grew at the fastest rate since November last year, driven by domestic demand. The fresh report also showed that cost inflation eased back to its lowest level for six months, resulting in weaker inflation in prices for customers. However, the data also showed a continued drop in employment as firms continued to digest recent labour cost hikes. Mr Moore added: 'Concerns about elevated payroll costs meant that service providers were reluctant to turn on the hiring taps. 'Employment numbers decreased for the ninth month running and at a faster pace than in May, with job shedding again often attributed to redundancies as well as the non-replacement of voluntary leavers.'
BBC News
an hour ago
- BBC News
Manx Telecom announces 3.5% increase in bills from August
A 3.5% price rise has been announced by Manx telecommunications firm said the increase was "necessary" due to "ongoing, mounting global and national inflationary cost pressures".It said the increase was in line with the average Retail Price Index increase of 3.8% for set to rise from 1 August include fixed-line and mobile phone rentals and charges, and copper broadband and paper billing charges. Rival company Sure is set to introduce a 2.7% rise in its prices on 1 Manx Telecom customers, fixed call charge rates to all destinations are set to go up by 1p or 3.5%, whichever is data and text charges outside of mobile bundles will also rise, and paper billing charges are set to increase by 50p to £ of the company's Low User Choice social inclusion tariff and operator services such at the speaking clock will not increase in firm said it had "made every effort" to keep increases "to a minimum".A spokesman said giving "lengthy notice" of the increases was a requirement of the Telecommunications License, which would give customers time to terminate their contract and switch providers should they so wish. Read more stories from the Isle of Man on the BBC, watch BBC North West Tonight on BBC iPlayer and follow BBC Isle of Man on Facebook and X.
