Ghana’s year-on-year inflation as measured by the CPI stood at 13.2 percent in November 2013, up from the 13.1 percent recorded in October 2013. The rate is well above the target set by the Central Bank of 9 percent for 2013. The monthly change rate for November 2013 was 0.8 percent, against the 2.3 percent recorded in October 2013.
The Food and non-alcoholic beverages group recorded an average year-on-year inflation rate of 7.3 percent, 0.4 percentage points higher than the 6.9 percent recorded in October 2013. Three subgroups of the food and non-alcoholic beverages group recorded inflation rates above the group’s average of 7.3 percent.
The non-food group recorded an average year-on-year inflation rate of 17.6 percent in November 2013, compared to a rate of 17.7 percent recorded in October 2013. Four subgroups recorded year-on-year inflation rates above the group’s average rate. Housing, water, electricity, gas and other fuels recorded the highest rate of 34.1 percent followed by Transport (26.4%), followed by Miscellaneous goods and services (17.8%) and Clothing and footwear (17.7%). Inflation was lowest in the Communications subgroup (4.3%).
Interest Rates | The inflation rate for 2012 was 8.8 percent and in 2011 8.6 percent. As a result of the hike in the inflation rate earlier in the year, the Central Bank of Ghana hiked policy interest rates to 16 percent in May and is unchanged since then.
The latest Treasury bill rates as of December 20 is 18.6721% for 91 – Days, 18.8305% for 182 – Days and 17.0000% for 1 and 2 – Year Notes.
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