Thursday, 11 December 2014
NEWS: Ghana's Inflation Hits Record 17% In 4yrs.
Inflation has hit a record 17% in November - the highest in the last four years, according to the Ghana Statistical Service.The Service said the marginal increase against October’s 16.9% was due to the rate at which the prices of food and services hiked.
The figure is a further indication that the ruling National Democratic Congress government will almost certainly miss its full-year 2014 target of 13 percent, plus or minus 2 percentage points.
According to the deputy Government Statistician Baah Wadeah, prices of food rose by 0.1%, increasing from 6.5% to 6.6% in October and November respectively.
READ ALSO: Son Kills His Dad And Uses The Body Parts As TV Stand.
Although the local currency - the Ghana Cedi - has stabilized marginally against the dollar since August, inflation rate keeps increasing steadily. In September the rate was around 16.5%.
In Greater Accra, inflation hit 16.3% as against 19.5% in the Central region with the Upper West region recording the lowest at 13.1%.
Source: Peacefmonline.com
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