Ghana’s consumer price inflation accelerated to 15.7% year on year in February from 13.9% the previous month, far outside the government’s targeted band of 8% plus or minus 2%, the West African nation’s statistics service said on Wednesday.
It was by far the largest jump in nine months of swelling prices, surpassing the record set between December and January.Housing saw the largest price increase in February, up 25.4%from the previous month. Transport, which includes fuel prices, was up 18.3%.
It marks the largest jump in eight months of steady price hikes, bringing inflation in Ghana to its highest in more than five years, and the government statistician said he would expect it to lead to more discussion around monetary policy. Imported items also saw significant price increases, making their largest inflation jump since last May to 15%.
“Once inflation has reached a level like 13.9%, we would expect some discussion around and whether consumers should expect further impacts to inflation.”
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