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Cedi Value Falls, Ghana Inflation Reaches a 2013 High

Cedi Value Falls, Ghana Inflation Reaches a 2013 High

From Bloomberg

Ghana’s inflation quickened in September to the fastest pace this year as the cedi remained at a record low, boosting the cost of imports, and the government removed subsidies on gasoline.

The inflation rate rose to 11.9 percent from 11.5 percent in August, Baah Wadieh, a statistician at the Ghana Statistical Service, told reporters in the capital, Accra today. The statistics office began using a 2012 base for inflation in January.

“The impact of the fuel price adjustment was felt on inflation through transport fare increases,” Collins Appiah, director of asset management at NDK Asset Management Ltd. said by phone before the release.

The government began removing subsidies on gasoline prices this year, raising prices for fuel, a majority of which is imported. Oil has risen 18 percent in London since reaching a one-year low in July. The cedi has dropped 13 percent this year against the dollar, the second-worst performer among the African currencies tracked by Bloomberg.

Read more at bloomberg.com