Ghana’s inflation rate ranked 9th among 17 countries on US economist's dashboard

Steve Hanke E1623841574574 Prof. Steve Hanke, renowned international economist at the Johns Hopkins University-USA

Mon, 4 Jul 2022 Source: www.ghanaweb.com

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A renowned international economist at the Johns Hopkins University in the USA, Professor Steve Hanke, has ranked Ghana in ninth place on his inflation dashboard.

According to him, Ghana’s inflation rate this week was measured at an astonishing 49 percent/year - almost two times the official inflation rate of 28 percent/year.

The Johns Hopkins University Professor ranked the country in ninth place out of seventeen other nations that are reeling from the economic impacts caused by inflationary pressures on the globe.

“In this week's inflation table, #Ghana takes the 9th place. On June 30, I measured Ghana's #inflation at a stunning 49%/year-almost 2x the official inflation rate of 28%/year,” Hanke wrote on July 3.

Meanwhile, the Ghana Statistical Service announced that the inflation rate for May this year reached 27.6 percent from an earlier 23.6 percent recorded in April.

The hike was attributed to prices of food and transportation costs making it the highest rate recorded in more the 18 years since 2004.

Government Statistician, Professor Samuel Kobina Annim, addressing journalists on Wednesday, June 8 said food prices reached 30.1 percent from a year earlier, compared with a 26.6 percent increase in April.

For Non-food inflation, the rate increased to 25.7 percent, from 21.3 percent in the previous month, with transportation costs increasing by 39 percent.

The Bank of Ghana on May 23 hiked the monetary policy rate by 200 basis points from 17 percent to 19 percent - in a move meant to stem rising inflation and address excess liquidity in circulation.

See Steve Hanke's tweet below:


Source: www.ghanaweb.com
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