Inflation to increase to 21.8% in August 2024 – Report

IC Securities predicts that Ghana's inflation will rise to 21.8% in August 2024 due to an unfavorable base effect, despite a slight month-on-month decrease.

The investment firm expects this increase because of an unusual drop in the Consumer Price Index (CPI) in August 2023, combined with risks from recent utility tariff hikes.

Although Ghana saw a significant drop in inflation to 20.9% in July 2024, the firm warns of cautious optimism, with election-related spending potentially pushing inflation higher later in the year.

This situation may influence the central bank's decisions on interest rates.

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