Ghana‘s annual inflation rate increased to 37.2% in September from the 33.9 percent it had in August 2022, breaking a 21-year record high.
Samuel Kobina Annim, the government statistician of Ghana, informed journalists on Wednesday that the Ghana Statistical Services would update historical data and shift the reference year from 2018 to 2021.
Despite the Bank of Ghana having an emergency meeting in August and hiking its benchmark interest rate to a record-high 22%, the statistics represent the highest inflation reading since August 2001.
According to a Bloomberg story, the cedi, the country’s currency, has lost more than 30% of its value since the start of the year as Ghana attempts to control surging prices that are partially due to Russia’s invasion of Ukraine.
Ghanaians protested the rising prices and high cost of living on the streets in June. The Ghanaian government started a 15% cost of living allowance for the nation’s civil servants in July.