Ghana’s inflation rate hit a record 54.1% in December 2022, as a result of rising food, housing and transportation prices in the country.

The inflation rate as of November 2022 was 50.3%, government statistician Samuel Kobina Annim told reporters in Accra, the country’s capital, on Wednesday.

According to Bloomberg, the inflation rate of 54.1% was the seventh highest in the world among 120 countries, including the eurozone.

The inflation rate has now breached the 10% ceiling of the country’s central bank’s target range since September 2021.

Imported inflation was 61.9%, food prices increased 59.7% and transportation costs increased 71.4% with the new tariff.

The country’s official currency, the cedi, lost as much as 6.1% against the dollar before the date was released.

Reacting to the rate, an economist at Accra-based GCB Capital Ltd, Courage Boti, said: “I think peak inflation is near, the policy rate will stay on given the prospect of a slower inflation rate.

“Economic growth is already depressed and fourth quarter GDP promises to be even lower; as a result, the central bank may be more inclined to support growth and be more accommodative as inflation is seen to move in the right direction.”

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